The sole purpose of insurance companies is to provide their customers with customary auto coverage in the aftermath of a car accident. However, did you know that insurance fraud is a crime that costs insurance companies billions of dollars per year?
In fact, insurance fraud is a billion-dollar industry that cost the country $80 billion in 2006, and that figure is constantly rising every day. Millions of criminals attempt to bypass and falsely receive cash settlements from insurance companies every year, and many are successful.
To combat this rise of insurance fraud, insurance claims investigators analyze and dig into the validity of insurance claims to protect their employers. To learn more about what an insurance claims investigator does, keep reading.
They Look Into Existing Claims
If you have filed a claim with an insurance company, it’s very likely that it has been reviewed by an insurance claims investigator. This isn’t to imply that your claim was suspicious or fraudulent, but insurance claims investigators are keen on reviewing insurance claims to ensure that fraud isn’t present.
This is simple protocol on their behalf, so it’s quite common for claims to be reviewed by these individuals on a daily basis.
They Use Social Media
Social media is an effective tool for helping insurance claims investigators dissect fraudulent insurance claims. Why is that? Well, social media is a global online tool that is used by people every day. Therefore, social media is the perfect tool for catching potential criminal activity.
You’d think that individuals engaged in fraudulent insurance claims would be more careful, but you’d be wrong. From bragging about their fraudulent claims on social media to posting videos of themselves roller skating after reporting a leg injury, there is an overwhelming amount of people who post incriminating evidence about their fraudulent activities every day on social media.
They Dig Deep Into Personal Information
Insurance companies are very careful when awarding cash settlements to their customers. To that end, insurance claims investigators can dig deep into a suspicious claimant’s personal background to determine if fraud has been committed.
For example, if an investigator uncovers an immense criminal history associated with a suspicious claimant, they will likely dig further to find more information that can incriminate the fraud. Background information may not always prove fraud, but it’s still an effective way to deter a potential claim.
They Work With Private Investigators
Under the circumstances that a suspicious individual warrants a deeper investigation, insurance claims investigators can employ the help of a private investigator to help them with their case. In some cases, insurance claims investigators are willing and capable private investigators. However, independent private investigators are regularly called upon by insurance companies to weed out fraudulent claims on a daily basis.
Because the situation calls for this type of partnership, it’s likely that an insurance company will take the risk to inquire more information about a suspicious claimant.
In the end, insurance claims investigators are vital members of an insurance company. Essentially, these individuals work to prevent fraudulent claims from being paid out by their employer. If you have been injured and are contacted by an insurance claims investigator, make sure to speak with an attorney before making any statements.