"Virtual Claims Raise Alarms Among Insurance Carriers and Customers"

According to LexisNexis Risk Solutions, carriers and customers are becoming increasingly concerned about data privacy as the digital revolution changes the claims process. Over 60 percent of customers are concerned about the security of their personally identifiable information (PII) when submitting virtual claims. Carriers are concerned about the actual cost of fraud, which can cost four times the value of a fraudulent transaction and damage a carrier's reputation. Ninety-three percent of respondents say that identity-related fraud harms their business, and 80 percent report that it occurs at least monthly. However, 73 percent of respondents say it is difficult to know how identity-related fraud occurs, and 47 percent say it is extremely difficult to detect. Only 33 percent say they have an effective method to detect and prevent identity-related fraud. This article continues to discuss key findings from LexisNexis Risk Solutions' report regarding identity-related fraud among insurance carriers, balancing customer experience with fraud mitigation, and mitigating identity-related fraud. 

Help Net Security reports "Virtual Claims Raise Alarms Among Insurance Carriers and Customers"