Auto insurance fraud is a global fraud phenomenon with billions in losses. But they is an innovative way to combat it: social network analysis (SNA). SNA tracks claims patterns among individuals, vehicles, and locations involved in accidents, as well as supports entities such as repair shops, law firms and medical clinics. The result? Evidence discovery.
Fraudulent automobile insurance claims cost drivers CAD$4.7 billion
According to Statistics Canada, the nation had more than 21 million registered vehicles (less than 4,500 kilograms — about 9,900 pounds) in 2013. As such, fraudulent automobile insurance claims may be costing Canadian drivers as much as CAD$4.7 billion dollars annually. (See Auto Insurance Fraud: Was That Auto Accident Really An Accident? Aug. 11, 2014, and Statistics Canada.)
By Subhash Satyal, Pavol Zavarsky & Shaun Aghili
Read the full article at Fraud Magazine.
