California-based Llorente Investigations announced that it will provide the Special Investigative Unit (SIU) for Alaska National Insurance Company, a multi-line commercial insurer serving businesses in the Western United States, Pacific Northwest, and Alaska.
Combating fraud is a top priority for insurers today, and most have reportedly established SIUs as cornerstones of their protection strategy.
Typically, an SIU will investigate potential fraud and help insurance companies build a case for prosecution. While some companies create in-house SIUs, there is reportedly a growing trend to outsource such services.
“We are pleased to provide this service to Alaska National Insurance,” said Kristen Llorente, president and chief executive officer of Llorente Investigations. “Insurance fraud continues to increase, and is the second most costly white-collar crime next to tax evasion. Establishing an effective, results-oriented SIU is one of the best ways for insurance companies to take the offense and fight back.”
Studies cited by the National Insurance Crime Bureau (NICB) show that roughly 10 percent of property/casualty insurance claims are fraudulent. And according to industry estimates, this level of fraud costs the average U.S. household $1,000 to $5,000 per year.
As part of its agreement with Alaska National Insurance, and in accordance with state-mandated regulations, Llorente Investigations will manage the insurer’s SIU, provide awareness training for Alaska National employees, and coordinate communication with law enforcement and claims personnel.
Alaska National has offices in San Francisco, Seattle and Anchorage.
Llorente Investigations (www.llorenteinvestigations.com) provides SIU services and fraud investigation for all lines of insurance.
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