I.I.I. Testifies on Insurance Fraud In America

On August 3, 2017 Sean Kevelighan, the I.I.I.’s chief executive officer, told the U.S. Senate Subcommittee on Consumer Protection, Product Safety, Insurance, and Data Security in Washington, D.C., that U.S. auto, home and business insurers paid out $327 billion to settle insurance claims in 2015. Kevelighan noted, however, that various studies indicate upwards of $30 billion—nearly 10 percent of the total—may have originated because of fraudulent activity such as staged auto accidents, unscrupulous building contractors and workers compensation misrepresentations. To combat fraud insurers are increasingly turning to vendors who offer technological innovations stemming from big data and artificial intelligence, Kevelighan said. These vendors are allowing insurers to assess prospective customers, verify claims and identify suspicious activity in ways that were not previously possible.

Sean Kevelighan, the I.I.I.’s chief executive officer, testified before the U.S. Senate Subcommittee on Consumer Protection, Product Safety, Insurance, and Data Security in Washington, D.C. on August 3, 2017.

The hearing focused on " Insurance Fraud in America: Current Issues Facing Industry and Consumers." Download the testimony below:

I.I.I. Testifies on Insurance Fraud In America - Testimony (PDF File)