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Category Fraud/Crime
SUB CATEGORIES General | 

Fraud Strategy Saves Clients $1.48 Million

13 March 2023 SAICB

xploring collaborative opportunities

 

Sedgwick, a provider of technology-enabled risk, benefits and integrated business solutions, has announced that efforts related to its international claims fraud strategy saved about $1.48 million for clients in 2022.

Over the past three years, the organisation has noted an increasing appetite for fraud mitigation globally, with an emphasis on strengthening capabilities with cross-border activities. Based on last year’s data, predictions are that fraud and suspicious claims activity will continue to rise internationally.

In South Africa, there has long been recognition of the issue, resulting in an advanced industry approach to fraud detection and containment. As an organisation, the Insurance Crime Bureau estimates that up to 30% of claims contain some element of concern.

Due to the fact that syndicated fraud is not contained by National Borders, the organisation has taken a similar stance as the Insurance Crime Bureau, in encouraging markets and industries to explore collaborative opportunities for sharing data and findings, while maintaining appropriate levels of protection and compliance.

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