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Insurance Business | 02 Dec 2016, 09:00 AM Agree 0
One expert has said that brokers offer a simple starting place in reducing fraud
  • Ian Jones | 02 Dec 2016, 10:37 AM Agree 0
    This is interesting considering that I personally became involved around 5 years ago in 3 claims by the same client and warned the insurers in each case that I was concerned that each claim was fraudulent, with one being for jewelry that had already been previously claimed some 18 months prior, 3 sets of snow skis, stocks and other items lost overseas that were also claimed previously and 2 jet skis when one had been sold but claimed as stolen. The insurers paid all 3 claims and disregarded my own advises (they claimed that they couldn't prove the claim was fraudulent and weren't prepared to investigate) . This one client had $1.2m in claims paid over a 4-5 year period.

    Maybe some sort of data base should be set up for brokers to lodge such instances as this so as to somehow track or allow brokers access to some data. Maybe insured parties could be issued with some sort of number like a tax file number (Insurance Identification Number) which would hold all claim details which may be accessed by brokers, assessors and insurers for verification of claims history. This same client left our firm when his premiums finally tripled and simply told the new broker he had had no claims and they wrote the for a third of our renewal terms. This same client is now trying to claim for TPD insurance ($500,000) which is in the courts and being rightfully disputed by the insurer.
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