Consumers increasingly distrust insurers and see insurance fraud as a victimless crime, according to a new report from the Coalition Against Insurance Fraud. In order to reverse this trend, insurers need to engage the public and teach them about the real costs of fraud, writes CAIF Executive Director Dennis Jay. "If insurers poured just a small fraction of the estimated $30 billion in annual fraud losses into public-outreach efforts, and reduced losses even by a small percent, the return would more than justify the investment," he writes.
National Underwriter
