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Insurance Business | 27 Mar 2017, 09:00 AM Agree 0
An eye-catching 50% of claims are suspected to be fake or exaggerated
  • RickD | 28 Mar 2017, 05:42 AM Agree 0
    In the interests of balanced reporting how about siting the study or estimate of fraud perpetrated by the insurance industry as a whole. Not paying legitimate claims, finding ways to nickel and dime the insureds, using deck stacking factors like credit scores, pre existing conditions, genetic information,fraudulent products, fraudulent rating agencies, the list goes on and on. Do you think it would be less or more than 50% ?
    Do you think there is a correlation?
    Can you blame people for trying to get a little of their own back?
  • D | 30 Mar 2017, 04:26 PM Agree 0
    So if I purchase a Personal Accident policy that excludes pre-determined conditions, then try to make a claim on that same condition I intentionally did not disclose, the claim then gets rejected... - That's Deck Stacking according to RickD.
  • exbroker | 06 Apr 2017, 02:10 PM Agree 0
    "Claims coaching" would also contribute to this. After a long career with insurance companies I did a stint with a broker and "claims coaching" was rife. An event would happen and the broker would find a way of wording it that fitted the policy rather than just presenting the facts for consideration. It was bad enough to make me leave the organisation and broking as I wasn't willing to do the same.

    Admittedly my broking experience is only with one organisation but I'm curious about how common this is. Have any more experienced brokers out there come across this?
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