The rise of fraud in diverse industries today, presents the need for limitless background verification companies.Similar to other industries, insurance industry is also affected with such fraudulent claims. While the majority of claims made are genuine, fraud claims too are regrettably present in most of the insurance products.
• Making False Representation.
• Causing loss to others or exposingothers to a risk of loss
• Dishonest Withholding
• Misinterpreting information for gaining financial advantage
• Failing to Disclose Information
All the above acts come under the category of insurance frauds.
Every year fraudulent claims are results in 5% increase on premiums.
Detecting and preventing fraud claims is essential to keep customers/insurer’s premiums free from rising unnecessarily.Because of regulations and cost concerns many insurance companies and organizations aren’t conducting background checks to defend themselves from fraudulent claims.
Some common fraudulent claims:
Policyholders misinterpret or exaggerate the actual loss incurred or any personal injury borne by them to be benefitted from financial advantage.
Some fraudsters deliberately claim for incidents and circumstances that did not occur.
’Staged Accidents’ and ‘‘Crashing Cars for Cash’ is no longer unknown phrase for anyone. Fraudsters have been staging realistic accidents to gain significant amounts from their insurers. This lucrative practice is currently trending in many countries.
Such claims are presented to insurers for recovery charges, damages, losses that are usually exaggerated.
With professionals from CBI, Police and RAW sectors, Fourth Force is a private background verification company conducts verification services in diverse sectors such as Antecedent verification,Distributors/vendors verification,Cab Driver Background Checks,Insurance Claim investigation and Identity checks. Their professionals streamline processes while maintain the quality. Utilizing their comprehensive screening services they have secured the record of cracking down several economic crimes in the country including Ketan Parekh, Harshad Mehta, NRHM scandals and JMM.