Security and Authentication in Property and Casualty Insurance
A Mercator Advisory Group Executive Brief Sponsored by IDology
The Coalition Against Insurance Fraud estimates there is approximately $80 billion of insurance fraud in the United States annually across all lines of insurance. Estimates for property and casualty insurers indicate approximately $36 billion of the $80 billion of fraud occurs within this segment, representing 10 percent of the property/casualty insurance industry’s incurred losses and loss adjustment expenses each year.
Insurers are anxious to deliver innovation while complying with regulatory and legacy operational constraints. And few industries are more adept at managing data, and more dependent upon data, than the insurance industry.
Survey Result Highlights
- Insurance carriers are increasingly evaluating personalized data submitted online and by mobile.
- The need for omnichannel strategies is more urgent now.
- Consumer preferences will continue to drive change and fraud attacks deeper into the market.
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