Stories abound of how social media has opened an entirely new channel of communication for scammers willing to commit fraud, but insurance companies are increasingly turning the tables by using social media to detect fraudulent claims. The paper notes several examples of claimants publicly sharing facts of their lives on social media that contradict the basis of their claim, such as semi-pro athlete playing well in local sports leagues while collecting workers’ compensation benefits. Insurance fraud costs the industry an estimated $80 billion a year—with some studies suggesting that as much as 10% of all property and casualty claims are scams. Finding new methods to fight fraud is critical to keeping premiums down and policies affordable.
The paper also notes that forward-thinking carriers are continuing to expand the ways social media can help improve the customer experience, such as:
- After a natural disaster, monitoring social media can help insurance companies identify the most affected areas and thus more quickly deploy loss mitigation and recovery resources.
- Similarly, social media information may reveal situations of increased risk and better enable insurance companies to suggest safety measures that could prevent loss.
- Finally, social media information can help the insurance company learn of developments that warrant updates in coverage, such as a home renovation project that requires builders’ risk insurance.
QBE North America released a new white paper about the risks of supply chain management, focusing on the effects of globalization. Titled "Does Your Supply Chain Harbor Hidden Risks?", the paper provides an overview of key areas of risk that tend to impact multinational and domestic companies – both the companies themselves, as well as their many suppliers. This white paper outlines seven vital areas of supply chain management for multinational and domestic organizations to consider, ranging from manufacturing site safety and labor conditions to quality control and cyber security. It also examines strategies to address supply chain risks and key insurance coverages to mitigate these risks.
QBE North America released a white paper about the increased use of medical stop loss captives by companies that self-fund their employee health insurance plans. Titled "Medical Stop Loss Captives: Issues and Answers," the paper attributes the recent growth to several factors:
- Large companies that did not need to pair medical stop loss with their self-funded plans now find the coverage necessary due to rising healthcare costs, as well as mandates in the Affordable Care Act (ACA), such as unlimited lifetime benefit maximums.
- Large companies that already had a self-funded plan and medical stop loss coverage are looking for more efficient methods to finance that coverage.
- An increasing number of medium and small-sized companies are converting to self-funded plans to manage the cost of complying with the ACA. As they do, they need medical stop loss coverage, and insurers are developing new group captive structures in response