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The Pandemic Has Boosted Mobile Payments – But There’s Still Potential for Insurers to Tap
Insurance companies process massive amounts of sensitive information for every policyholder, including payment data. A single security lapse can expose that data to misuse, theft, and other forms of fraud. Even without a breach, the consequences of improper data management can be steep.
According to the Insurance Information Institute, insurance fraud makes up nearly 10 percent of all U.S. property-casualty insurance losses and loss adjustment expenses every year, adding up to approximately $34 billion annually. Unfortunately, the number of fraudulent claims continues to grow. Today, property and casualty insurers are fighting back by taking advantage of new technology. Included in their fraud-fighting arsenal is the process of graph theory.
The Internet of Things has provided opportunities for insurers to introduce new products, streamline processes, and improve customer service. However, if not appropriately managed, technology also provides a multitude of opportunities for cybercriminals.