Running background checks in the insurance industry is a gruelling task, you have a lot to secure. An Insurance fraud investigation most commonly focuses on an attempt of deceitful claims. Insurance frauds are taking place on a massive scale. A recent survey states that the insurance industry is losing over Rs. 15,000 crore annually due to fraud.
Insurers need to be careful about fraudulent claims and improve checks from the policy issuance stage. This process is turning out to be tough when frauds are close to one in ten claims in some retail categories. The growing insurance claim frauds have put insurers in dilemma. Insurance Fraudulent also include money laundering by faking policies and submitting forged documents.
Most of the insurance agencies have no effective fraud risk management system in place, nor do they have dedicated anti-fraud department. Lack of due diligence and absence of robust anti-fraud processes and systems in place obviously increase the incidence of frauds. Fraud risk management is going to be one of the most important concerns as the Indian insurance industry matures. Companies continuously need to assess their policies to mitigate the risk of fraud. A false insurance claims can mean that you are held liable in a staged accident and increase your risk of being sued.
Fourth Force a leading background verification company in India provides investigative and litigation support services to businesses, in-house counsel and law firms by performing comprehensive background investigation and also performs verification of individuals, assets, locations, utilities and more.
Though there are several background verification companies in India, Fourth Force stands out from others. Fourth Force has a team of 400+ disciplined, reliable staffs, which includes dedicated high profile professionals with several years of experience in sectors like CBI, Police and RAW. With more than 4000+ man years of skill, they can definitely help you bring changes to your business.