Insurance digitalization spawns increase in identity fraud, report finds
A new insurance industry research study reveals that insurance carriers saw an increase in consumer digital activity across both underwriting (77%) and claims (76%) during the coronavirus pandemic and indicated this recent increase in digital activity has in turn spurred more identity fraud activity, according to 67% of survey respondents.
The Insurance Fraud: Rethinking Approaches in the Digital Age report surveyed 132 U.S. identity fraud experts at life, personal and small business insurance carriers. Participants were asked to identify reoccurring points of entry for fraudulent individuals/activities and to share their thoughts about how carriers can better protect their underwriting, customer service and claims transactions without inhibiting the digital experience.