Ageas ups anti fraud measures
Posted on September 8th, 2012
Ageas has signed up to the Syndicated Intelligence for Risk Avoidance (SIRA) anti-fraud database from Synectics Solutions.
With application fraud on the rise adding approximately £50 to customer premiums, according to Ageas the insurer is deploying SIRA at the underwriting stage, checking information from new business proposal against known fraud data held by other financial organisations including insurers, banks and building societies.
SIRA also allows a claims team to identify third party claimants who have previously been involved in fraudulent activity with any SIRA member, through syndicated data sharing.
It will initially be used for Ageas’ motor customers, although the group has plans to launch SIRA for household and travel customers.
Commenting on the development, Ageas underwriting director, Adam Clarke, says: “The launch of SIRA will become an important part of our armory against those who intentionally attempt to commit fraud, validating risk data and rewarding honest customers.
Tags: Fraud, Fraud Measures
No Comments »
Ready to ride! Spring check up tips for your motorcycle
Posted on September 3rd, 2012
If you are a winter-weary motorcycle enthusiast, good news! Motorcycle season will soon be upon us and you’ll soon be hitting the open roads on your favourite two-wheeler. After a long winter in extended storage, your bike will likely need some TLC.
Start the riding season right with the T-CLOCS inspection created by the Motorcycle Safety Foundation. The following is a summary of their pre-ride inspection checklist that will help you get your bike ready to ride after a long few months of extreme cold and harsh conditions.
T – Tires and Wheels
- Check the air pressure of your tires and inflate to the pressure specified in your owner’s manual.
Tags: Motorcycle
No Comments »
Most States Allow Auto Insurance Scoring
Posted on August 22nd, 2012
Did you know that your auto insurance company can charge you higher rates if you are close to the limits on your credit cards or have filed bankruptcy in the past? In most states, they can. In 47 states and the nations capital, credit-based car insurance pricing is allowed and is commonly used. This so-called insurance scoring has been used for more than a decade, but will be outlawed soon if some opponents have their way. According to Insurance News Nets OAI: Auto Insurance Scoring Bill Highlights Controversial Practice, three Democratic House members have a bill they hope will end the process of insurance scoring.
Currently, when you are looking to get a quote on auto insurance, in most states insurers will look into your financial history before making your quote. They can increase your premium based on your applications for new credit, how close you are to your debt limits, and other financial factors. Many different states have already tried this type of bill on the state level to no avail. If state auto insurance legislation is any indicator of how this bill will fare federally, it has quite a difficult path to follow. Massachusetts is the only state that has passed a recent ban, but it was just an update of an existing ban on this insurance practice.
There are two hotly debated sides to this issue and both have their points to be made. Supporters of insurance scoring say that studies show that people with bad finances tend to file more auto insurance claims and bigger claims than those with a sound financial history. Based on this they say that pricing is more fair and accurate when insurance scoring is used. Without it, those with strong financial backgrounds would be paying more than they should to compensate for those with poor financial histories. Opponents of the program say that lower income drivers are already struggling and this will catastrophically hurt those who are trying to do the right thing by carrying auto insurance. Well keep you updated with where this bill goes.
Tags: Auto Insurance, Insurance
No Comments »
Travel Tips for Dealing with Hotel Bed Bugs
Posted on August 13th, 2012
Bed bugs can show up anywhere, even in the most pristine and hygienic of environments, which is why we’ve developed these travel tips for dealing with hotel bed bugs. While bed bugs aren’t as common in developed countries, thanks to the advent of the powerful pesticide DDT, with a recent increase in International travel, Americans are bringing home accidental souvenirs and re-introducing these parasites to domestic turf. Whi
Tags: Bed Bugs, Bugs, Hotel Bed, Hotel Bed Bugs
No Comments »
IFB success in identity fraud pilot
Posted on July 20th, 2012
The Insurance Fraud Bureau (IFB) has reported that three suspected fraudsters have been arrested by the Metropolitan Police as a result of its involvement in one of the UK’s biggest investigations into identity fraud.
Working alongside the Metropolitan Police’s Amberhill Unit, the IFB has been investigating the insurance records of people suspected of having obtained a genuine driving licence using false or forged documents.
As part of the pilot project, the Bureau has focused on 579 suspected identity fraudsters across the UK and has already linked its sample of people to insurance claims now considered to be at high-risk of fraud.
In total the potential scams are worth in excess of £170,000 and alerts have been issued to insurers who may be affected.
Tags: Fraud, Fraud Pilot
No Comments »
CA Auto Insurance Code Seems Like No-Brainer
Posted on July 11th, 2012
After reading The San Francisco Chronicles What insurance companies can do to you by Jon Carroll, I am left scratching my head. Its quite apparent that comparing auto insurance companies is more important than ever, not only for good premium prices, but to find a company with ethical practices. The author received a legal form letter from his auto insurance company after filing a claim detailing Insurance Code 790.03.
The code has long, wordy sentences that seem to go around in a circle without really getting to a definitive point. Carroll says that it basically infers that auto insurance companies should not lie to their consumers or cheat them at all. But it is quite vague and doesnt say that insurance companies should never lie or cheat. It states that they shouldnt do it as a common practice. Its almost saying that it is okay to deceive consumers once in awhile, just not regularly.
Sixteen items are listed on the form detailing what California auto insurance companies should not do. One of the items says that insurers should not push consumers to take legal action in order to receive their settlement if the court will simply deem that what the consumer was fighting for was actually a fair amount. To me, the chances that someone will take an insurance company to court to prove they were expecting a fair amount of reimbursement is absurd. That costs a lot of money.
There is even a code saying that insurance companies shouldnt alter your paperwork, making it so that you dont get paid as much or at all. The author points out that this should actually be fraud or illegal, not simply a frowned upon practice. The bottom line is that you want to make sure you choose an auto insurance company that is ethical and follow all of your claims closely. Lets hope that these Codes dont actually need to be used by many consumers in fighting their insurer.
Tags: Auto Insurance, Insurance
No Comments »
Activist Michigan Supreme Court justice bends law to favor auto insurance companies in fraud cases
Posted on June 30th, 2012
Stephen J. Markman
Michigan law just got uglier, thanks to Supreme Court Justice Stephen J. Markman, and Michigan’s Republican majority. In a series of fraud case rulings, including the recent decision by Markman & Company in Titan Insurance Company v. Hyten, at al., these activist Justices have now changed the rules for proving fraud in this state.
It seems to this writer that the only criteria for this double standard is who is claiming the fraud and who is defending against it.
It sadly comes as no surprise to Michigan personal injury lawyers, law professors, and judges in this state as to who wins and who loses under this Court.
When an auto insurance company is accused of fraud by one of its insureds, Markman & Company raised the bar for proving fraud.
But, when it is the auto insurance company accusing one of its insureds of fraud, the activist, Republican justices lowered the bar.
In Cooper v. Auto
Tags: Court Justice, Fraud, Supreme Court, Supreme Court Justice
No Comments »