COLUMBUS, Ohio, June 18, 2018 /PRNewswire/ -- An Orlando contractor has become the newest face of reported Assignment of Benefits abuse in Florida, accused of defrauding 19 homeowners across eight counties in Florida and another in Texas. Timothy Cox was arrested on June 5 for allegedly stealing nearly $140,000 from the homeowners and their insurance companies for home repairs his firm never provided. Cox's case is one of more than 100 ongoing investigations statewide involving Assignment of Benefits (AOB). But there have been thousands of other AOB abuses in cases that have either been settled or the homeowner was intimated to not report it. AOB abuse has created an additional $1 billion of inflated insurance claims over recent years – costs eventually passed along to all homeowners through higher rates. And the problem is getting worse.
Join Demotech, among others, this Wednesday on June 20 at 12 noon ET for "Industry Beware: Inside the AOB Epidemic," an interactive webinar with insurance industry leaders who are tackling AOB abuse head-on. Learn what insurers can do to combat the impacts of AOB fraud on their business and on their policyholders.
- How new data and analytics can provide insurance companies with the fresh tools they need to fight back on behalf of their policyholders;
- How one insurance company's new managed repair program approved by regulators may hold the key to help consumers level the playing field with the crooks;
- What the underreported impact of AOB abuse is on consumers, policyholders and insurers;
- Why the Florida Legislature has failed to provide meaningful reform to AOB abuses, despite plenty of evidence – and the state statute that may hold the key to the ultimate reform success to provide consumers with the relief they deserve;
- What the behind-the-scenes actuarial costs of AOB abuse are and their impact on insurers' financial reserves and increased insurance rates; and
- How Florida insurance regulators are sounding the alarm bell to demonstrate that AOB abuse is putting tremendous upward pressure on insurance rates.
Join us on June 20, from 12-1pm ET to learn about the solutions to the AOB Epidemic. Take part in the specific Action Plan being formulated to address growing AOB abuse in Florida and realize how you as an insurance policyholder, or an insurance company, can benefit.
This Webinar will include brief presentations from:
- Joseph Petrelli, President of Demotech, an actuarial analysis and insurance ratings firm
- Wesley Todd, CEO and Carly Cohen, COO of CaseGlide, a claims litigation management and analytics software firm
- Lisa Miller, CEO of Lisa Miller & Associates, a former Florida deputy insurance commissioner and government affairs consultant
- Paul Handerhan, Vice President of Public Policy for the Florida Association for Insurance Reform, Florida's leading insurance consumer organization.
The "Industry Beware: Inside the AOB Epidemic" webinar is free and accessible via computer or phone. Register today to reserve your seat! Go to demotech.webex.com and sign up for the AOB Epidemic webinar this Wednesday the 20th.
SOURCE Demotech, Inc.