Generally, there are five types of frauds in Life Insurance segment:
- Application fraud
This is also called non-disclosure of material fact. At the time of taking policy, the proposer knowingly provides incorrect information to insurance company. Two third of disputed life insurance claims are due to this material misrepresentation.
- Gangs & Rings
There are gangs and rings in different part of India who are responsible making such kinds of fraud from insurance company. They have been making fake claim with collusion of doctors, medical staff, police and public in general. This is when people attempt to fake their own death or the death of the loved one in order to collect a life insurance benefit.
This is rear but yes in existence, the beneficiary kills the insured in order to get claim money.
Generally in this kind of fraud the insured does not involve but other parties accessing the policy and changing the policy owner or beneficiaries.
- Call center’s fraud
In this kind of fraud, a call center guy calls the victim pretending to be insurance agent and sells fake policy and earn the money in term of premium.
To catch a fraud is always a challenging job but we with the help of our dedicated team we have been exposing fraudsters and playing a vital role in minimizing the loss of our client insurance company since 2005.
We do following activity to cater a fraud:
- Social Media check to know about insured and beneficiary
- Background check which includes previous medical history, any previous criminal record and financial status of the insured.
- Statements which includes neighbor statement, village head statement and police statement.
- Evidences; we collect various kinds of evidences which help us in declining of fake claims.
- Verification; we verify all documents which has been given by the claimants including, police record, medical records and records in public domain.
- Surveillance; we also provide surveillance services to check the activity of doubtful person and collect the evidence.
- For General Insurance Segment
- Marine Investigation
- Marine Tracing
- Death Claims under group personal accident, Employee’s compensation
- Motor OD & Motor Theft
- Fire & Burglary Investigation
- Health Insurance Claims Investigation
- Investigation/verification against insurance agents
- Any Kinds of Fraud Claim