NICB'S 'THE INFORMER' EXPLORES THE POWER OF DATA IN FIGHTING INSURANCE CRIME

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Dec 13, 2021, 06:00 ET

DES PLAINES, Ill., Dec. 13, 2021 /PRNewswire/ -- The National Insurance Crime Bureau (NICB), the insurance industry's association dedicated to predicting, preventing, and prosecuting insurance crime, announces the release of its latest issue of The NICB Informer.

Experience the interactive Multichannel News Release here: https://www.multivu.com/players/English/84295518-nicb-informer-winter-2021

NICB’s ‘The Informer’ Explores The Power Of Data In Fighting Insurance Crime

The Winter edition brings data into focus—namely exploring how it is used by criminals to commit fraud and other crimes, and how NICB is using data and intelligence to help identify and pursue the dismantlement of criminal enterprises in partnership with law enforcement and NICB's special investigation unit partners.

"While the sophistication of criminal activity has improved, so too has the ability to use information in new and innovative ways to counteract illegal actors," said David Glawe, president and CEO of the National Insurance Crime Bureau. "As I think about the challenges our investigators and law enforcement partners face in fighting insurance fraud and crime, I see tremendous opportunity to advance our mission by leveraging these partnerships and connecting the dots between unique data sets to illuminate unknown criminal networks."

To proactively identify emerging trends in insurance fraud, NICB is leveraging its access to unique data assets in innovative ways, with a focus on rapidly identifying criminal networks that impact policyholders and cause an untold amount of loss. Proactive analysis, with a focus on speed and efficiency, is a major focus of NICB's data strategy as is the development of machine-learning capabilities.

"NICB is going to use what we gain from machine learning as one of many guideposts for our analysts and agents," said Matthew Barr, NICB senior data scientist. "It is new technology assisting in the implementation of the tried-and-true investigation and analytical techniques that are a hallmark of NICB's operations."

Also discussed in this issue is the persistent risk of cyberattacks. Cyber threats remain one of the most significant strategic risks for the United States, threatening our national security, economic prosperity, and public health and safety. Cybercrime is not limited to large-scale attacks on corporations and governments. On a more personal level, synthetic identity fraud and elder financial exploitation are two emerging schemes with cyber crossover that we describe in the Winter edition. NICB will continue to monitor the cyber threat landscape closely as part of its overall mission to unitedly combat and prevent insurance crime through intelligence-driven operations.

Now in its second year of publication, The NICB Informer is aimed at providing insurance industry executives with anticipatory intelligence to help identify risks and emerging threats to the industry. Anyone interested in receiving digital copy notification can sign up or send an email to [email protected] to be added to the distribution.

REPORT FRAUD: Anyone with information concerning insurance fraud or vehicle theft can report it anonymously by calling toll-free 800.TEL.NICB (800.835.6422) or submitting a form on our website.

ABOUT THE NATIONAL INSURANCE CRIME BUREAU: Headquartered in Des Plaines, Ill., the NICB is the nation's leading not-for-profit organization exclusively dedicated to preventing, detecting, and defeating insurance fraud and vehicle theft through Intelligence & Analytics, and Operations; Education and Crime Prevention; and Strategy, Policy, and Advocacy. The NICB is supported by more than 1,200 property and casualty insurance companies, rental car agencies, auto auctions, and self-insured entities. NICB member companies wrote more than $530 billion in insurance premiums in 2020, or more than 82% of the nation's property-casualty insurance. That includes more than 95% ($236 billion) of the nation's personal auto insurance. To learn more, visit www.nicb.org.

SOURCE National Insurance Crime Bureau