NICB’S ‘THE INFORMER’ EXPLORES THE POWER OF DATA IN FIGHTING INSURANCE CRIME

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The Winter Edition puts data in the spotlight – namely, examining how criminals use it to commit fraud and other criminal offenses, and how NICB uses data and intelligence to work with law enforcement and NICB special investigations to help identify criminal companies and pursue their resolution unit partners.

“As the complexity of criminal activity has increased, so has the ability to use information in new and innovative ways to counteract illegal actors,” said David Glawe, President and CEO of the National Insurance Crime Bureau. “When I think of the challenges our investigators and law enforcement partners face in fighting insurance fraud and crime, I see a tremendous opportunity to advance our mission by leveraging these partnerships and connecting the dots between unique sets of data to uncover unknown criminal networks . “

To proactively identify emerging trends in insurance fraud, NICB uses its access to unique data sets in innovative ways, with an emphasis on quickly identifying criminal networks that affect policyholders and cause immeasurable losses. Proactive analysis with a focus on speed and efficiency is a key focus of NICB’s data strategy, as is machine learning skills development.

“NICB will take advantage of machine learning as one of the many road markers for our analysts and agents,” said Matthew Barr, NICB Senior Data Scientist. “It is a new technology that helps implement the proven investigation and analysis techniques that are a hallmark of NICB operations.”

This issue also addresses the persistent risk of cyberattacks. Cyber ​​threats remain one of the most significant strategic risks for The United Statesthat threatens our national security, economic prosperity, and public health and safety. Cybercrime is not limited to large-scale attacks on businesses and governments. On a more personal level, synthetic identity fraud and the financial exploitation of the elderly are two emerging schemes with cyber crossover that we describe in the Winter Edition. The NICB will continue to closely monitor the cyber threat landscape as part of its overall mission of working together to combat and prevent insurance crime through intelligence measures.

Now in its second year of release, the NICB Informer aims to provide predictive intelligence to insurance industry executives to identify risks and emerging threats to the industry. Anyone interested in receiving notification of a digital copy can sign up or email [email protected] can be added to the distribution.

REPORTING FRAUD: Anyone with information about insurance fraud or vehicle theft can report it anonymously by calling 800.TEL.NICB (800.835.6422) or using a form on our website.

ABOUT THE NATIONAL INSURANCE CRIME BUREAU: Based in Des Plaines, Ill., the NICB is the nation’s leading not-for-profit organization dedicated solely to preventing, detecting and combating insurance fraud and vehicle theft through Intelligence & Analytics and Operations; Education and crime prevention; and strategy, politics and advocacy. The NICB is supported by more than 1,200 property and casualty insurance companies, rental car agencies, auto auctions and self-insured companies. NICB member companies have more than written $ 530 billion in insurance premiums in 2020 or more than 82% of the national property and casualty insurance. That’s more than 95% ($ 236 billion) the country’s private car insurance. To learn more, visit www.nicb.org.

SOURCE National Insurance Crime Bureau

https://www.prnewswire.com/news-releases/nicbs-the-informer-explores-the-power-of-data-in-fighting-insurance-crime-301442473.html