NOTE: This session will not be recorded or available for on-demand viewing after the seminar.
The COVID-19 pandemic has had a tremendous impact on the insurance industry, and its economic effects are expected to reverberate well into 2021. Forced business closures caused the economy to contract, and job losses reached a record high with roughly one in five workers filling for unemployment. Unemployment benefits are now being rolled back or running out. Additionally, civil unrest has caused increases in riots and vandalism. This mix of factors combined with the potential of a second wave has created a dynamic of high exposure risk for fraud.
As insurers navigate the economic fallout, claims and SIU professionals need to be vigilant of trends in both soft, opportunistic fraud—such as attempts to pad claims or file fake losses—as well as organized criminal activity that spans all lines of business. This session will explore emerging fraud risk based on industrywide data as well as strategies to combat current and emerging fraud schemes.
Learning Objectives • Understand how the risk landscape changed based on recent events • Learn the latest strategies and best practices for setting up a perimeter defense against fraud • Discover insights from industrywide data and historical trends to better evaluate your organization’s fraud exposure