Beth Schultz

Stopping Auto Claim Fraudsters In Their Tracks

NO RATINGS
View Comments: Newest First | Oldest First | Threaded View
Page 1 / 2   >   >>
BethSchultz
User Rank
Blogger
Re: Check your own record
BethSchultz   5/6/2013 10:34:12 AM
NO RATINGS
Thanks for the tip! I wasn't aware of this.

 

tomsg
User Rank
Prospector
Re: Check your own record
tomsg   5/6/2013 10:16:12 AM
NO RATINGS
I think that not only do we need access so we can view the record and make sure it is correct, but we need a procdure and way to challenge mistakes so they can get corrected. It is easy to imagine someone with the same or similar name having records mixed with yours. There may even be cases of identity theft. I think there always needs to be a m=way for a manual overide.

Noreen Seebacher
User Rank
Blogger
Check your own record
Noreen Seebacher   5/6/2013 9:45:10 AM
NO RATINGS
As an aside, it is important to check your own driving record - just to make sure you are not being unfairly assessed for an accident.

When insurance companies issue a new policy, they verify your driving record with the Department of Motor Vehicles in the state where you are licensed. In addition, they may obtain information about your insurance and driving history from other sources, including the LexisNexisCLUE (Comprehensive Loss Underwriting Exchange) Auto database.

The system functions much like a credit-reporting agency. Instead of your bill payment history, it uses your policy and vehicle information, including your claim history (dates of loss, type of loss, and amounts paid).

If your CLUE report is wrong, you may be paying too much, and you may be able to request a premium adjustment. Just like a credit report, you can get your CLUE Auto report free once every 12 months. Order it online or by calling (866) 312-8076.

BethSchultz
User Rank
Blogger
Re: Greed
BethSchultz   5/6/2013 9:01:14 AM
NO RATINGS
@Noreen, another point Standish made during our interview is that auto insurance fraudsters have been primarily operating in highly populous areas, like southern California where he worked. And that's made smaller, less populated states and the companies that operate in those feeling a bit immune to the problem. But Standish says that's a big mistake. States like California essentially "export" insurance fraudsters. So, yes, we have to fight for every improvement as the fraudsets seeks to extend their operations.

BethSchultz
User Rank
Blogger
Re: Greed
BethSchultz   5/6/2013 8:56:30 AM
NO RATINGS
@kicheko, you know, I asked the same question of Standish: Do the fraudsters engage big-data analytics of their own? He said, no -- they don't have the software or the infrastructure to enable big-data analytics. In fact, he said really auto insurance fraudsters are probably more unorganized than organized. There's not one traditional don or kingpin calling the shots -- they're all in competition with each other, he said. Sometimes they'll join forces for schemes, collude, and share the profits. But mostly they work on their own chipping away.

 

Noreen Seebacher
User Rank
Blogger
Re: Greed
Noreen Seebacher   5/4/2013 11:04:44 AM
NO RATINGS
Some improvement beats no improvement at all, right?

kicheko
User Rank
Blogger
Re: Greed
kicheko   5/4/2013 7:59:09 AM
NO RATINGS
cyril, - i agree with you on that thought. Fraudsters must be doing some big-data analytics too. Though this is not to say we should give up the fight or stop improving anti-fraud analytics. If we do things will fall apart of course.

cyril
User Rank
Prospector
Greed
cyril   5/4/2013 7:07:50 AM
NO RATINGS
The best analytics will only reduce fraud. Greed is a part of human nature, impossible to erase totally. As long as someone is smart enough to thwart detection, fraud will persist.

Noreen Seebacher
User Rank
Blogger
Re: So much fraud
Noreen Seebacher   5/4/2013 12:20:44 AM
NO RATINGS
Wonder how much fraud of all kinds ends up costing all of us...

kq4ym
User Rank
Data Doctor
Re: So much fraud
kq4ym   5/3/2013 2:29:45 PM
NO RATINGS
I don't think I've ever been the victim of fraud, unless you want to count the only time I had to go to the at fault driver's insurance company to get paid. They certainly knew how to drag ourt the process and low ball the settlement!

But stopping the fraudster should help get those rates down that we all end up paying for. 

Page 1 / 2   >   >>
Information Resources
More Blogs from Beth Schultz
It's been a fun three years, but now it's time to say goodbye.
Take inspiration from Christopher Columbus as you pursue your analytical journeys.
The "big" in big data is no reflection of the size of the organization embracing its potential.
Whether you're an undergrad, a graduate student, or an analytics professional already, the same best-practices advice lives large.
Satellite data can help solve puzzles, from the lofty to the mundane.
Radio Show
Radio Shows
UPCOMING
James M. Connolly
Analytics: Your Defense Against Cyber Threats


5/27/2015   REGISTER   0
ARCHIVE
James M. Connolly
Big Data & Big Pharma: How Analytics Might Save Your Life


5/19/2015  LISTEN   37
ARCHIVE
James M. Connolly
Live Interviews From SAS Global Forum


4/28/2015  LISTEN   11
ARCHIVE
James M. Connolly
How to Hire Great Analytics Talent


4/23/2015  LISTEN   51
ARCHIVE
James M. Connolly
Sports Analytics Mean Fun and Business


3/24/2015  LISTEN   4
ARCHIVE
James M. Connolly
Secure Your Big Data in the Cloud


2/26/2015  LISTEN   114
ARCHIVE
James M. Connolly
Make It Big As a Data Scientist in 2015


2/11/2015  LISTEN   106
ARCHIVE
James M. Connolly
Big Data, Decisions & the Simulated Experience


2/3/2015  LISTEN   87
ARCHIVE
James M. Connolly
A Chat About Big Data, Machine Learning & Value


1/15/2015  LISTEN   125
ARCHIVE
Curtis Franklin Jr.
An Infrastructure for Analytics


12/18/2014  LISTEN   63
ARCHIVE
James M. Connolly
Prepare for the Internet of Things Data Blitz


12/16/2014  LISTEN   51
Information Resources
Quick Poll
Quick Poll
Infographic
Infographic
It Pays to Keep Insurance Fraud in Check
While 97% of insurers say that insurance fraud has increased or remained the same in the past two years, most of those companies report benefits from anti-fraud technology in limiting the impact of fraud, including higher quality referrals, the ability to uncover organized fraud, and improve efficiency for investigators.
Follow us on Twitter
Follow us on Twitter
Like us on Facebook
Like us on Facebook
About Us  |  Contact Us  |  Help  |  Register  |  Twitter  |  Facebook  |  RSS