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Interesting Facts about Insurance Fraud

A shocking truth that many people don’t realize is that insurance fraud has become a ‘norm’ in our society. You read news stories about insurance fraud and watch them on TV regularly. The number of people making fraudulent claims is increasing every year. As a result, insurance companies raise their premiums and every policyholder has to pay the price of damage a few black sheep inflict.

It is not possible for every person to hire an insurance fraud specialist every time they suspect someone is committing insurance fraud, but you can learn more about insurance fraud, so you can protect yourself. You can contact NSIU, one of the top private investigation firms in the country, when the occasion calls for it.

Facts about Insurance Fraud

• It is estimated that in the U.S. about $80 billion worth of fraudulent claims are filed every year.
• $50 billion of these can be attributed to medical insurance fraud.
• This costs every policy holder about $400 each year, because of increased premiums.
• Most common type of insurance fraud is premium diversion; insurance agents don’t send the premiums to underwriters and keep them for themselves.
• Natural or accidental disasters can often invite fraudulent claims. People try to take advantage of the disaster and make fabricated claims about their property damage and lost possessions.
• Many states, or state fraud bureaus, offer rewards to individuals for reporting ongoing insurance scams.
• Sometimes a service provider will offer free service to you, but later bill your insurance company for the same service. This type of insurance fraud can commonly go unchecked.
• A large number of insurance fraudsters pose as insurance agents and scam people out of their money, while they never actually provide any insurance.
• Contacting the insurance company regarding the insurance agent who has contacted you will help to mitigate this type of scam.
• A mechanic or body shop worker may exaggerate the damage and charge the insurance company more, making you an unwitting insurance scammer.

The information above will help you learn more about insurance fraud schemes around you and how it will hurt you as a policy holder. If you suspect that you or your organization is being targeted for insurance fraud, then you should contact NSIU immediately.

Company Introduction

National SIU (Special Investigation Unit) is a professional investigation firm that specializes in surveillance and other services specifically for risk managers and insurance professionals. The organization’s main goal is to provide their clients with effective evidence which can be used to uncover the truth.

Steps for Detecting Fraud

Stopping insurance scams is no small task; the governmental agencies alone cannot tackle this menace on their own. They require the help of individuals taking a stand against insurance fraud, because it affects every policyholder. Individuals can be more attentive about their insurance policies and how and where they are utilizing them. When you start paying attention, you will realize that there a large number of opportunities for fraudsters to take advantage of your or your business’s insurance policies.

If you think that you have been a victim of insurance fraud or there is someone committing insurance fraud using your or your company’s name, then you should get in touch with an insurance fraud investigation unit, like NSIU, as soon as possible. However, if you aren’t sure about the fraudulent scheme, then you can utilize the information below to learn how to detect insurance fraud.

Detect Fraud

• When you suspect someone of fraud, don’t delay and start looking for clues immediately. If you delay fact-finding, the fraudster will be long gone, with your insurance money.
• Collect photographic evidence, if required, in case of accidents.
• Don’t take the suspected scammer for their word, confirm every piece of information that they provide you with.
• Training your staff with up to date procedures and processes will help them avoid being duped.
• At this stage, you will have some sort of proof about the insurance fraud. This would be the time to contact certified insurance fraud specialists, like NSIU.
• Refer your case and suspicions to the professionals and they will start an investigation.
• They will start off by looking at the financial situation of the person in question.
• An investigation firm will also look at their history of insurance claims to find out if there is a pattern of false or fraudulent claims.
• They will collect the relevant evidence and find out the truth.

With the help of a professional investigation firm, you can avoid becoming an unsuspecting insurance scammer and identify the individuals who are trying to use your insurance policies to commit insurance fraud.

Company Introduction

National SIU (Special Investigation Unit) is a professional investigation firm that specializes in surveillance and other services specifically for risk managers and insurance professionals. The organization’s main goal is to provide their clients with effective evidence which can be used to uncover the truth.