LIFE insurance claims investigations
- SpyBot Verifacts conducts extensive fraudulent insurance claim investigations and is accustomed to providing investigative assistance to claim departments, special investigative units or counsel. SpyBot Verifacts Insurance investigators possess decades of experience and have established a person reputation in the industry for exposing fraudulent applications and claims.
- Impact of Fraud
Rs. 45,000 crore ($ 6.4 billion) loss to Indian insurance companies i.e., 10% – 12% of revenue by every insurance company
Life Insurance – 85% & General Insurance – 15%
$100 billion in the US, $4 billion in Australia, $3 billion in the UK and $2-$3 billion in EU countries
Fraud values as per article in Business Today-2024
Life Insurance Fraud Type
Policy Holder → Intermediary → Employee → External
Death Claim → Early → Non- Early
According to our guidelines and rules, it is a crime if you knowingly, and with intent to injure, defraud or deceive insurance companies, or provide any information, including filing a claim, which contains any false, incomplete, or misleading information. These actions, as well as the submission of materially false information, can result in denial of the claim and are subject to prosecution and punishment to the full extent under state and/or federal law through our investigation services. In the context of detection of fraud our life claim investigation services includes.
- Background Histories |
- Contestable Investigations |
- Disappearance |
- Evidence Documentation |
- Fraudulent Claims Investigations |
- Interviews/Statements |
- Medical Records |
- Public Records |
- Surveillance / Activity Checks |
- Claim in first year of policy High value claim Manipulation in the medical documents with respect to history of caliments / Death due to Liver Disorder to rule out alcohol consumption / Death due to chronic disorder and claim in first year of policy.
- Suspicious cases to rule out self-inflicted injuries e.g; accident at railway track etc./ homicidal cases.