Texas Mutual Insurance Company reported that it saved or recovered $4.1 million through its workers’ compensation fraud investigations in 2008.
According to the company, the $4.1 million includes: claimant fraud future savings of $2,185,170; restitution of $39,374 from claimants; restitution of $1,569,873 in premium fraud; and prevention of $301,467 in health care provider fraud and abusive billing.
Nationally, fraud across all lines of insurance costs consumers about $150 billion per year, according to the Texas Department of Insurance.
During the past three years, Texas Mutual has secured 48 convictions and saved or recovered $26 million through the company’s zero tolerance for fraud program. The program offers potential cash rewards that lead to arrests or indictments.
Source: Texas Mutual Insurance Company, www.texasmutual.com
Was this article valuable?
Here are more articles you may enjoy.
Farmers Looks to Make it Easier for Consumers to Understand Insurance 
US P/C Industry Books Best Result in a Decade but Not All Lines Enjoy Success 
Iran Renews Attacks on Gulf States After Another Night of US Strikes 
India’s Largest Nuclear Power Plant Hit by Data Breach 
