It’s no secret that staged car accidents, a sudden change in a spouse's life insurance policy, and doctors diluting medicines for profit continue to make headlines. This is because these types of insurance fraud are estimated to cost the insurance industry between $85 and $120 billion annually and each American household $200 to $300 per year.
So how can an insurer use technology to outsmart those criminals trying to beat the system?
One example is MIB, the industry's largest fraud detection service that is used by nearly every North American life and health insurance carrier. MIB is using a service oriented architecture using IBM technology to proactively identify potential fraud before it impacts the insurer and, of course, us the consumers.
