1 In 10 Insurance Claims Turns out to be a Fraud

Insurance frauds are growing in number day by day and people are finding innovative ways to conduct a fraud and also they know that there is no certain law for the fraud and it could be easily done. Some people are under the impression that they would not be caught red-handed and because of which insurance companies are worried. Some insurance companies are bearing so many losses and have to shut down while few of them are in debt as well. Every 1 out of 10 insurance claims turns out to be a fraud which is a huge percentage and these companies are finding ways to get saved from it.


The companies have also created a detailed blacklist of how the policyholders are doing the fraud and all that has been mentioned and recorded in the database so that the next time they could be aware of the same. And since the fraud patterns are also changing fast so the company has to be clear and very much updated about it.


And since the identity has been misused as per the research they have decided that the policyholder is allowed to send them a message of the cheque of the electronic transfer instead of the actual cheque which can be misplaced and misused and the account number could also be manipulated at the same time. And in case of medical claims, the fraudsters are including forged documents of the big hospitals to show that they have been hospitalized and then claim the amount and also few people of the same hospital or sometimes agents are involved.


There have been instances wherein a car insurance fraud has taken place, where in reality the car was sold and then there was a complaint registered for the same car as a robbery case. In motor insurance this is the most common fraud conducted under false claims and therefore, it is necessary to keep a check whenever such activity is conducted in future.


Being careful is the wisest decision that one could ever take. It is important to make strict by laws and rules for fraudulent cases, so that, the genuine policyholders do not suffer.


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