Fraud and financial crimes perpetrated against insurers are on the rise. Although the banking industry remains the primary route for money laundering, stricter regulations and improved AML controls within that sector have driven criminals to other channels that may be more vulnerable to money laundering activities. Insurance providers, often less attuned to fraud practices and with fewer resources dedicated to prevention, are increasingly under attack.
https://www.finextra.com/blogposting/19567/with-fraud-on-the-rise-in-the-insurance-industry-kyc-comes-to-the-rescue