Insurers can battle fraud by using sophisticated detection technology and segmenting legitimate claims with claims-triaging models, writes Janine Johnson of Verisk Analytics. Carriers also must watch for tools and techniques that other industries use to detect fraud because the "best practices developed by others can be easily adapted quickly and effectively to the P&C industry," Johnson writes. "... In order for carriers to adapt faster than criminals, they must adopt a multipronged approach to fighting fraud that relies upon vigilant detection at every stage of the insurance life cycle."
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