Insurance fraud and the industry response

Article Abstract:

Insurance fraud in the US is the second most prevalent type of white collar crime with losses estimated from $20 billion to as much as $50 billion annually. The most common types of insurance fraud include phoney automobile accidents, arson, and physician connivances. The huge financial losses has prompted the insurance industry to intensify its efforts in curbing fraud through the creation of special claims investigation units and the use databases in evaluating liability claims. In addition, national agencies have also been formed, such as the National Insurance Crime Bureau and the International Association of Special Investigation Units, to fight fraud.

Police Protection, Fraud, Analysis, Finance, White collar crimes, White collar crime, Insurance fraud

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Insurance service centers

Article Abstract:

The introduction of insurance service centers has provided customers with a more efficient and cost-saving alternative to the traditional independent agency carrier system. Insurance firms become responsible for some of the customary policyholder services under the centralized system. A portion of the cost in fulfilling such services are shouldered by agents in through lessened commissions. Companies, such as the Allied Group, Maryland Insurance and the Milwaukee Guardian, emerged with service centers at the start of the 1990s as part of their bids for increased competition and better service.

Evaluation, Insurance agents, HIG, ITT Hartford Group Inc., Grumman Corp. Allied Group, John Hancock Mutual Funds Inc.

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Insurers hold down insured losses by upholding building codes

Article Abstract:

The insurance industry could minimize insurance losses caused by natural catastrophes through the Building Code Effectiveness Grading Schedule program offered by Insurance Services Office Inc. The BCEGS allows the industry to encourage others on the improvement and strict enforcement of building codes. In this program, municipalities are graded based on compliance with the codes.

Property & Liability Insurance, Direct Property and Casualty Insurance Carriers, Surety insurance, Usage, Building law, Building codes, Insurance Services Inc.

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