According to an article by Claims Journal, a digital consultancy with Insurtech expertise, Customertimes, conducted a survey of 2,000 US adults to determine “how the economy, tech adoption and insurance providers’ policies affect the insurance industry.” The results were…shockingly honest.
Here are the results, as highlighted by Claims Journal:
“One-in-five respondents said they had at least considered committing insurance fraud, with half of those saying that they had gone through with their plans, while 30% of respondents said knew someone who’d at least considered committing insurance fraud.”
“Nearly half of those committing insurance fraud say they did so out of desperation or financial gain: 35% say they were influenced by their peers, while 25% say they were unaware of the consequences.”
Many justified insurance fraud by placing blame on insurance policies and loopholes:
“45% believe that loopholes in policies made insurance fraud easier.”
“One-in-four believe that unfair insurance policies justify breaking the rules.”
“Two-in-three said that companies that commit insurance fraud are a bigger problem than individuals.”
“A large percentage of those polled said they trust technologies to improve fraud detection. Three-quarters (71%) believe that technology like AI and data analytics will help prevent insurance fraud, and 66% said they would be willing to share more personal data if it could help prevent fraud and potentially lower premiums.”
…We wish someone would tell them that fraud drives premiums UP.