Happy Wednesday! In this week's Big I Buzz, we are discussing a new marketing platform to explore and how Americans are committing "soft" insurance fraud.

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Most People Say They Don't Commit Fraud, But Survey Shows That's Not Quite the Case

A recent ValuePenguin survey revealed a significant disconnect between Americans' perception of insurance fraud and their actual behavior. When directly asked if they've committed insurance fraud, only a small percentage admitted to it (9% of auto policyholders and 15% of home policyholders). However, when inquired about tactics used to lower insurance costs, over 30% of both auto and home policyholders confessed to submitting claims for preexisting damage, while 31% of auto and 34% of home insureds said they would include preexisting damage in a future claim. This inconsistency arises from how the questions are framed. Many engage in what's known as "soft fraud," such as using fake addresses for better rates or omitting certain information about their property. Insurance companies are intensifying fraud detection efforts, making it harder for even minor instances of fraud to go unnoticed, potentially resulting in higher premiums and flagged files for those caught.

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