NICB and Agero Partner to Combat Insurance Fraud
The US National Insurance Crime Bureau (NICB) has announced the signing of a strategic partnership with Agero to combat insurance fraud.
These two industry leaders will join forces to protect both insurers and communities from questionable third-party roadside and vehicle service providers to deter insurance fraud.
Per their latest partnership, the NICB and Agero will look to prevent fraud before it happens, helping to address the impact of more than US$40bn of annual insurance fraud that occurs in the US, according to the FBI.
Leveraging tech to power a national anti-fraud agency
By utilising Agero’s data intelligence and technology, the NICB will be better able to protect drivers and insurers while promoting consumer awareness and the reporting of suspicious activities.
By cutting down the US$40bn in annual insurance fraud, the NICB and Agero will help reduce increased premiums for US households which currently stand at between US$400 and US$700.
The issue of insurance fraud in the US may be even larger, though, with 29% who claim to be victims of fraud admitting they never reported their suspicions.
These negative impacts are what the NICB and Agero will be looking to address in their partnership.
David J. Glawe, President and CEO of the NICB, says: “Through this strategic partnership, NICB and Agero will work together to detect fraudulent activities swiftly, prevent losses and protect everyday Americans from vehicle service provider scams and crimes.”
Jeffrey Blecher, Chief Operating Officer at Agero, adds: “Agero's comprehensive approach to detecting malicious behavior and road safety enhancement is driven by our relentless pursuit to protect drivers and insurers through technological innovation and our commitment to excellence.
“By harnessing the power of data intelligence, technology and five decades of experience, we continue to make significant strides in protecting insurers, drivers and the communities we serve from the adverse effects of fraudulent activities.”
NICB & Agero: Maximising existing industry ties
Agero has strong existing relationships with two-thirds of all existing US auto insurers, most of whom are also NICB members, and it helps manage 12 million auto-related events per year.
By joining forces, the NICB and Agero highlight the growing coordination between the technology, driver services and insurance industries to protect consumers from fraudulent operators.
The National Insurance Crime Bureau (NICB), is the US’s premier not-for-profit organisation dedicated to preventing and prosecuting insurance fraud and crime, and Agero is the leading white-label provider of digital driver assistance services and software for the majority of automotive insurance brands.
Partnerships to combat insurance fraud are growing increasingly popular with Allianz striking a deal with Clearspeed in April 2024. Clearspeed's partnership with Allianz comes after it signed a similar collaboration with PwC in 2023.
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