Sedgwick’s fraud strategy saves clients $1.48 million

Sedgwick’s fraud strategy saves clients $1.48 million

In the last three years, the company has seen an increasing appetite for fraud prevention in other countries such as France, Ireland and the Netherlands, with a focus on strengthening capabilities through cross-border activities across all product lines. Based on last year’s data, Sedgwick predicts that fraud and suspicious claims will continue to increase.

“Countries are at different stages in their journey to claims fraud; some are in their infancy while others are more advanced,” said Steve Crystal, Sedgwick’s International Head of Claims Fraud. “Despite the challenges of different legislation, regulations, compliance, culture and market approaches, there is a common denominator: regardless of location and language, claims fraud is unwanted news.”

Sedwick continues to expand its fraud strategies into additional markets. For example:

  • In the Asian market, Sedgwick works with insurance clients in Hong Kong and elsewhere to help them strengthen their approach
  • South Africa has long been aware of the problem, which has led to a progressive approach to fraud detection and mitigation. The Insurance Crime Bureau estimates that up to 30% of claims contain elements of concern

Sedgwick’s investigative team has uncovered cases of organized fraud involving products that are not common in the US or UK, such as: Sedgwick also noted a growing international focus on data residency and privacy regulations.

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Because fraud is not limited by national borders, the company encouraged markets to explore collaborative ways to share their data and insights while maintaining an appropriate level of protection and compliance.

“The majority of the claims are entirely valid, but we must not underestimate the determination and determination of scammers trying to beat the system,” Crystal said. “Our experts are highly trained to quickly identify and process suspicious claims. To amplify their efforts, Sedgwick continues to invest in technology and advanced programs to support them. Our approach is designed to appeal to those looking for ways to bypass detection measures, with our experts interpreting what the analytics tell us.”

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2023-03-07 07:00:00