Over the past three years, the company has noticed an increased appetite for fraud mitigation in other countries such as France, Ireland and the Netherlands, with an emphasis on strengthening capabilities in cross-border activities across all lines of business. product. Based on last year’s data, Sedgwick predicts that fraud activity and suspicious claims will continue to increase.
“Countries are at different stages of their claims fraud journeys; some are in their infancy, while others are more advanced,” said Steve Crystal, international head of claims fraud at Sedgwick. “Despite the challenges of differing laws, regulations, compliance, culture and market approach, there is one common denominator: regardless of location or language, claiming fraud is unpleasant news.”
Sedwick continues to improve its fraud strategies in additional markets. Example:
- In the Asian market, Sedgwick works with insurer clients in Hong Kong and elsewhere to help them strengthen their strategy
- In South Africa, the issue has long been recognized, resulting in an advanced approach to fraud detection and prevention. The Insurance Crime Bureau estimates that up to 30% of claims contain some element of concern
Sedgwick’s investigative team identified cases of organized fraud in products not commonly seen in the US or UK, such as insurance-backed credit card protection schemes and the targeting of products sold globally that there are losses in remote locations. Sedgwick also notes the growing international focus on data residency and privacy regulation.
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Because fraud is not contained by national borders, the company encouraged markets to explore collaborative opportunities for sharing their data and findings while maintaining the appropriate level of protection and compliance.
“The majority of claims are completely valid, but we shouldn’t underestimate the resolve and determination of fraudsters looking to beat the system,” Crystal said. “Our experts are highly trained in quickly identifying and handling suspicious claims. To strengthen their efforts, Sedgwick continues to invest in technology and advanced programs to assist them. Our approach is focused in dealing with those who seek ways to overcome detection stepsthat our experts interpret what the analytics tell us.”
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