Insurance fraud in North Carolina is costing billions. According to Wayne Goodman, approximately 10% of all claims in NC are fraudulent totally nearly $120 billion in loses. While it may seem like this in issue that only affects the insurance industry it is not. Consumers pay for the fraudulent claims in the form of higher insurance premiums.

We all pay for the cost of crime, and preventing it is much more appealing for insurers than accounting for it after the fact. Insurance losses related to crime and abuse are factored into companies’ rates as a cost of doing business. Relatively few instances of fraud affect the balance of the companies’ customers. Insurers have implemented sophisticated and powerful computer systems to try to accurately identify the losses as soon as possible af … Read More

via Business Guidance Systems™

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