What is the primary function of the Special Investigations Unit (SIU) within an insurance company?

The primary function of the Special Investigations Unit (SIU) within an insurance company is to identify trends and uncover suspect claims to minimize fraud. This specialized team is critical in safeguarding the company’s financial interests by preventing fraudulent activities that can lead to significant losses.

The SIU conducts in-depth investigations into claims that appear suspicious based on a variety of factors, including claim history, the characteristics of the claim itself, or patterns that may indicate potential fraudulent behavior. By analyzing data and working closely with other departments, they develop strategies to detect and address fraudulent claims effectively.

This proactive approach not only helps in protecting the insurer’s financial assets but also enhances the integrity of the claims process, ensuring that legitimate claims can be processed more efficiently and that premiums remain stable for policyholders.