The National Insurance Crime Bureau (NICB), a US-based non-profit organisation, has partnered with insurtech company Agero to combat insurance fraud.
This alliance aims to enhance protection for insurers and communities against dubious third-party roadside and vehicle service providers.
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Agero offers white-label digital driver assistance services and software tailored for automotive insurance brands.
It is said to have established relationships with two-thirds of all auto insurers, many of which are NICB members.
The company aids in managing 12 million auto-related events each year.
NICB is supported by more than 1,200 property-casualty insurers as well as self-insured entities.
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By GlobalDataIt aims to fight insurance crime through various means including analytics, crime prevention, education, intelligence, operations and policy advocacy.
The Federal Bureau of Investigation (FBI) estimates that insurance fraud, excluding health insurance, costs more than $40bn per year.
This translates to an additional financial burden of $400–700 annually on the average US family due to increased premiums.
Auto insurance fraud is often underreported, with 29% of self-identified victims failing to report their suspicions.
Addressing these issues is at the core of the NICB and Agero’s collaborative efforts.
The partnership between NICB and Agero also focuses on engaging with key stakeholders in government, law enforcement and the wider insurance industry.
Their goal is to educate consumers in recognising potential fraud and encouraging reporting of suspicious activities.
NICB president and CEO David Glawe said: “Through this strategic partnership, NICB and Agero will work together to detect fraudulent activities swiftly, prevent losses, and protect everyday Americans from vehicle service provider scams and crimes.”
Agero chief operating officer Jeffrey Blecher said: “Agero’s comprehensive approach to detecting malicious behaviour and road safety enhancement is driven by our relentless pursuit to protect drivers and insurers through technological innovation and our commitment to excellence.
“By harnessing the power of data intelligence, technology and five decades of experience, we continue to make significant strides in protecting insurers, drivers and the communities we serve from the adverse effects of fraudulent activities.”
In March this year, Verisk collaborated with insurtech companies FRISS and Globlue Technologies to bolster fraud detection capabilities within the insurance sector.
These companies will integrate with Verisk’s ClaimSearch platform, a property and casualty claims database in the US that contains more than 1.7 billion claims.
