Cutting Costs? Cut Out Fraudulent Insurance Claim Payouts

Insurance fraud is a growing problem across the country. It is also becoming a more diverse threat as fraudsters adopt new strategies and target additional insurance types. While overall, national fraud incidents remain difficult to fully tally, it is estimated that these costs easily amount to tens of billions of dollars each year.

Insurance FraudAre you concerned with cutting insurance costs at your business? Do you suspect fraudulent activity by one or more of your employees? One essential strategy for reducing costs involves cutting out fraudulent insurance claim payouts, and RKJ Investigations can help you investigate and uncover the truth in your case.

The best approach to reducing or eliminating fraudulent claim payouts is to be proactive. Whether the claim involves workers compensation, private insurance fraud or business fraud, a skilled private investigator can often help to identify fraudulent claims and collect evidence in suspicious cases. As a case winds its way through the legal system, the only thing that ultimately matters is what can be proven in court. Suspicions will not protect you from a fraudulent claim, but evidence of fraud that is collected by a trained investigator will afford your case the best possible defense.

Identifying fraudulent claims early can help to reduce costs from court and other related expenses. This applies to both personal and business insurance claims, too. After all, one of the first questions you are likely to have when you are notified of a claim is whether the claim is legitimate or fraudulent, and being able to contest a fraudulent claim with hard evidence can make the process much faster, reducing costs for you and your insurance company.

Reducing fraudulent claims also helps to keep insurance rates for businesses lower. Fraud is responsible for as much as 10 percent of claims costs for U.S. and Canadian insurers, with many insurance companies estimating fraudulent claim costs to be has high as 20 percent, says the Coalition Against Insurance Fraud. Unfortunately, these losses end up being passed on to insurance customers in the form of rate hikes. Identifying fraudulent claims and deterring would-be fraudsters helps to lower business insurance rates for everyone.

RKJ Investigations has been serving the needs of clients in Oklahoma City and the surrounding region for more than a decade. Our investigative services include private insurance fraud and workers compensation investigations. Contact us today at 405-562-6479 to learn how we can help you avoid fraudulent insurance claim payouts.

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