There is always a growing concern among the insurance sector and that is about the increasing incidence of fraud in the country.
Estimates have shown that insurance fraud costs Rs.96000 Crore or more for the country every year.
These costs are borne by none other than insurers/ policy holders and consumers, because these institutions and companies cover their losses by hiking premium amount. According to several surveys it has been estimated that the insurance industry has grown at an annual rate of 20% in the past ten years. Though this exponential growth needs applause, the incidents of frauds has also been growing parallelly with the growth rate.
We are all aware that insurance is a means to protect oneself from unforeseen losses, but many undertake a range of illegal acts and illicit practices involving intentional deception to get benefited with their uncanny ability.
Some of the commonly committed frauds / crimes by fraudsters in the country:
- Fabricated documents created to meet policy terms.
- Inflated bills for insurance claims
- Staged accidents
- Fudging records
- Intentionally making misleading statement
These fraudulent insurance claims are not just deceiving insurance companies but also affecting the society as a whole. The majority of the Indian states have already undertaken the services of background verification companies in order to investigate fraud incidents in the country. These companies undertake Insurance investigation services and also investigate cases pertaining to Educational qualification check, Address Verification, Criminal Background, Pre-matrimonial verification, logistic verification and antecedent verification. Fourth Force is a private Background Verification Company functioning in 29 states all over the nation. They have professionals who had served several years in the RAW, CBI and Police to endeavor background checks for commercial and corporate. So if you witness or doubt that your insurer or policy holder is cheating on you, then consult Fourth Force as early as possible to solve your case