The insurance market is witnessing growth like never before, thanks to the public interest, awareness and burgeoning number of insurance companies. Equally, there are also a growing number of insurance claims that have come out to be fraud. Tackling this menace has become a headache for most insurance companies, which continue to grapple with false insurance claims.
Settling every claim made isn’t what insurance companies are bound to. They have to ascertain the facts and claims made by the claimant. Greed, financial problems are a few reasons that force people to resort to false claims.
Fourth Force comes to an insurance company’s rescue
Just a week back, a noted insurance company, with branches across India, approached Fourth Force to investigate the veracity of the claims made by one of their customers. Reposing complete faith in Fourth Force, the insurance company sent their claims consultant to meet our investigator (a former employee at RAW) and gave minute details about the customer, whose claims were to be verified.
Their customer is a high-net-worth individual who stays in Bengaluru at his posh residence, for which he has been paying home insurance for over 3 years. The customer wanted settlement for the burglary that has happened at his residence when he was on a vacation with his family in an exotic island. The claim was a huge sum of money, which the insurance company was willing to pay if the burglary indeed occurred.
However, the insurer started smelling something fishy after questioning the claimant, whose version of the story was contradictory. Having heard of Fourth Force as an Insurance claim verification company led by Mr. Salim Ali, former special director – CBI and DGP, Tripura, they delegated this case and wanted the investigator to unravel the conundrum.
Fourth Force brings the truth out
With no delay, a team of investigators led by a senior ex-police officer got down to business to crack the issue. They personally met the insurance policyholder and sought the chronology of events that have unfolded from the time he had left for the vacation to the time they lodged a complaint with the police. On the list of things lost, he claimed losing 600 sovereigns of gold, 7 Kgs of silver and gadgets.
The astute team of investigators concluded that burglary has indeed occurred but found discrepancies in the arguments put by this high-net-worth individual. On further questioning of his family members on matters like when they purchased the jewelry, if they could produce the bills and photographs of the family members adorning those ornaments, they confessed and the truth was out.
Contrary to the claims, it was revealed that he lost just around 150 sovereigns of gold, and a few months back he had enchased the rest of gold he claimed was stolen. His argument that he lost silver has turned out to be false.
Such fake insurance claims having become a daily affair and insurance companies want to keep vigil by stepping up their verification process by seeking the help of investigators like Fourth Force.