Just as long as the insurance companies existed, even the fraud related to them remained entwined. You will see millions of blunders happening because of these frauds. And believe us, keeping track of all these isn’t easy unless you (as an insurance company’s head) are very smart and are using high-grade measures for it. But do you know what those common frauds related to insurance are?
Some insurance frauds about which you’ll always hear
If you ask an experienced insurance fraud investigator about the kinds of frauds, you’ll get to know how fast they are growing and how very cunning these cheats can be. For a normal person to understand and track these steps isn’t very easy. Even with the common frauds like we have listed below you’ll find people going to extreme levels to snatch money from insurance companies via various mediums.
Stolen Cars – Motor insurance fraud is one of the most common cases that steal the highest amount of money from these companies. In such cases, the cheats hide the cars deliberately and tend to file the complaints about it getting stolen. There are also cases about a friend stealing the car for an acquaintance and the owner of the car filing a complaint about the car getting stolen. In both cases, the companies mostly can’t fathom the depth of the situation and they have to part with the insurance amount.
Minor Car Accidents – This is another very common incident through which lots of cheats claim unlimited amounts from the insurance companies — not just once, but multiple times with the same car. In such cases, the culprit tends to buy a brand-new car, use it for some years and then purposefully create an accidental scene in order to claim the insurance amount. The tricks and tactics of these people are such that only a good private investigator in Australia from Oracle Investigation Services can help in tracking the real matter. Since they are really experienced and have dealt with such cases before, they can tackle this issue easily.
Staged Home Fires – You’ll find this kind of cheating and fraud taking over the insurance companies like a storm each year. Lots of people tend to set fire in some parts of the house intentionally and claim double the amount as insurance money. And since they provide lots of proof of self injury and damage in the house, the insurance companies have to give into these claims.
Burglary, Theft Fraud – Again, this is a kind of fraud wherein the culprit tends to deliberately get the items destroyed or vanished from the location and claim the insurance of theft or burglary. Since the item is not found, the insurance company has to provide the amount.
Medical Fraud – You will find lots of cases of medical frauds happening wherein the culprits tend to act as victims of accidents or spend some days in a hospital as patients to claim the medical or insurance money for the same. This happens especially when a certain company or organisation is funding the insurance money for the victim. In this case, both the insurance company and that firm are cheated simultaneously.
We understand that you, as an insurance company’s agent, face almost 20% of scam or fraud claims daily. But if you keep your eyes and ears open or hire the services of private investigators, you’ll actually save millions in the end.