Part 7/10:
Insurance companies employ data analytics and AI tools to detect fraudulent claims, but the lack of licensing and regulation for surveyors enables many unethical practices to persist. An experienced surveyor highlighted how unlicensed surveyors and workshops manipulate estimates to inflate claim costs for higher fees, perpetuating a cycle of fraud that costs society billions annually.
The regulatory environment has lagged, with licensing of surveyors abolished in 2005, ostensibly to reduce red tape—yet this has inadvertently fostered an unmonitored ecosystem rife with abuse. Authorities are now emphasizing data-driven fraud detection systems, but the problem remains persistent.