To date, the insurance industry has struggled to effectively collaborate in the fight against insurance fraud. The lack of a unified, coordinated effort has created vulnerabilities that fraudsters have been quick to exploit, allowing fraudulent activities to become more sophisticated, widespread, and costly. This disjointed approach has not only weakened the industry's ability to detect and prevent fraud but has also emboldened perpetrators, fueling what has now escalated into a full-blown **fraud epidemic**—or "fraudemic."  

Without a strong, collective strategy, critical information and intelligence-sharing among insurers, regulatory agencies, and law enforcement remain limited. This fragmentation enables bad actors to operate across multiple carriers, jurisdictions, and lines of business with little fear of detection or consequence. Moreover, the absence of a cohesive defense allows fraudulent schemes to evolve unchecked, increasing financial losses for insurers, higher premiums for policyholders, and erosion of public trust in the system.  

To effectively combat this growing crisis, the industry must prioritize collaboration, invest in advanced fraud detection technologies, and work together to close the gaps that fraudsters exploit. Only through a united front can the industry mitigate fraud’s impact, hold perpetrators accountable, and restore integrity to the insurance system.