Insurance Fraud

Abstract

In this research paper, there is a discussion about the insurance fraud and how Information Technology is playing vital role in investigation of these frauds. The paper discussed the types of insurance frauds and the possibilities of detection with the help of Information Technology. There are numerous methods available for detection of these insurance frauds proposed by many business analysts and authors.

Contents

Research Methodology4

Objectives of the Study4

Sample Design and Sample Size4

Scope of the Study4

Introduction5

Discussion5

Claim Processing6

Conclusion7

References8

Insurance Fraud

Research Methodology

There are two main data sources of researches primary and secondary. This methodology used both the primary and secondary sources. The resources of secondary data were easily available. In order to collect secondary data, researcher investigates articles that are found in the literature. The survey was carried at different places by different person who mentioned in this paper.

Objectives of the Study

To study the effect of Information technology to detect the insurance fraud.

Sample Design and Sample Size

As the survey is to understand the effect of Information Technology to detect fraud in Insurance companies, the research was specifically designed for the technical people who work in IT department.

Scope of the Study

The scope of the study influences the use of Information Technology in several countries to detect frauds in insurance sectors and also revealed the impact of cost and security on Insurance Companies.

Introduction

Insurance industry is the pillar of our modern society and there are numerous changes brought in this industry time to time due to technological advancements. As we know that, technology is advancing day by day. Each day brings new ideas, revolutions and concepts to the market. Today, there is no house which is left without a computer or the internet. Everyone is used to of using the internet. The use of internet in business organizations, offices, houses and other work places bring comforts to the lives of people.

Discussion

The identification of insurance fraud consists of two steps, first step focuses on the identification of suspicious claims that have the big possibilities of fraudulent. This can be achieved by computerized statistical analysis, references by claim adjusters and insurance agents. Individuals provide tips to the insurance companies and other government officials to report the insurance frauds conducted by other people.

If any fraud in insurance industry has occurred then, internal auditors fill out an incident detection report or similar document. The documents must include date and time of the fraud, who reported the fraud, ...