What is Insurance Fraud?
Investigation on the beneficiary of a doubtful claim should be done as early as possible prior to a payout. Insurance Fraud Investigation will lead to evidence that will determine if the claimant is rightfully entitled to his claim.
What is Insurance Fraud Investigation?
It is a fraud investigation which focuses on fraudulent attempts to collect based on excessive or untrue claims. Such claims include car or vehicle insurance, home insurance, worker compensation, health insurance, etc.
Based on some statistics from the Coalition Against Insurance Fraud in America, an estimated US$80 billion is paid out annually in fraudulent insurance claims. In Singapore, it was estimated that there were more than US$100million fraudulent motor insurance claims in 2012, these figures increase every year. To combat such frauds, insurance companies adjust their new policy premiums or renewal upwards every year, this in turns costs the business an additional 10-20% every year.
One must know that false insurance claims can mean that you will be held liable in a staged accident and increase your risk of being sued. There has been a high instance of insurance fraud, and this would mean that insurance companies are becoming more cautious when claims are being submitted, which may also mean that there might be a possibility that you might need professionals to help you make your insurance claims. Invest the appropriate amount to help you get the results.
An insurance fraud investigation will be done to find out if there are false claims being submitted. These investigations are usually conducted when the insurers’ claim adjusters have doubts about the insurance claim. Never allow your insurance premiums to be money down the drain. In order to safeguard your insurance privileges, contact us to help you with such investigations.
There are several methods and techniques that our agency will use to gather information on such fraud. Some of the more commonly used techniques in our investigations include the following:
- Surveillance will be conducted to verify the claim
- Conduct an Insurance coverage analysis
- Search for medical reports/history
- Conduct searches on historical claims/accidents
- Conducts interviews with witnesses
- Background checks on the claimant
Do note that such fraud carries a jail term and a fine.
You can search for specialised fraud investigators or give us a call to allow us to discuss such investigations with you, these investigations can be in Singapore or Malaysia.
Other Investigations Service we Render
Besides Insurance Fraud Check, Spy Singapore PI also delivers other business/commercial private investigation services such as Background Check, Employee Movements, Intellectual property fraud, and mystery shopping. We are as fast & competent in the Matrimonial/Civil cases such as Adultery Investigation, Child Custody, Domestic Violence, Missing Person, and Pre-Matrimonial investigations.
Call us to discuss your case, be assured all information shared is kept at it’s highest confidentiality and there will be a senior professional Private investigator to assist you from start to end of the case.