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NIDAAN Intelligence Services (I) Private Limited

(Investigation and Risk Management Specialist Team of India)

THRASHING THE FRAUD SQUAD through BACKGROUND CHECKS

It is said in order to gain something we need to lose something. Or higher the risk, higher the reward. But the same does not apply to our lives. In today's fast paced world, we cannot afford to lose even tad bit of our time being unhealthy. Also considering the lifestyle we live, we cannot undermine the importance of getting insurance. What is insurance? It is the easiest and common method to mitigate the risk associated with a certain event. Insurance is a way of managing risks. It is means of protection from financial loss. When you buy insurance, you transfer the cost of a potential loss to the insurance company in exchange for a fee, known as the premium. Insurance companies invest the funds securely, so it can grow, and pay out when there’s a claim. Life turns out in a second. One can never know when insurance is needed.

There are various types of insurance. The importance of insurance can be understood by considering the umpteen uncertainties we are surrounded by. It is the most socially acceptable device to eliminate risk. Nowadays the insurance companies are coming up with the insurance of even a mobile phone. The major categories of insurance are Life insurance, property insurance, marine insurance, fire insurance, liability insurance, guarantee insurance and social insurance. Now the question which comes to the mind is how insurance works or who insures us against our risks. There comes the role of insurance companies. One can purchase the insurance policies from these companies. People however act in a fraudulent manner to attract huge sums in their bank accounts from these insurance companies. Insured persons get themselves engaged in the malpractices and try to deceit the insurance companies. Insurance fraud occurs when a person or entity makes false insurance claims in order to obtain compensation or benefits to which they are not entitled. Insurance frauds render the honest insured people in the net of increased insurance costs.  Insurance companies lose an estimated $6.25 billion in insurance fraud costs that have to get passed on to honest consumers. These frauds are conducted in a very sophisticated manner. Life insurance fraud may involve faking death to claim life insurance. Fraudsters may sometimes turn up a few years after disappearing, claiming a loss of memory. Health insurance fraud involves intentional act of deceiving, concealing, or misrepresenting information that results in health care benefits being paid to an individual or a group. A chain smoker hiding his habit in order to pay low insurance premium is also categorized as fraud. Fraudsters or fraud groups may fake traffic deaths or stage collisions to make false insurance or exaggerated claims and collect insurance money. Property frauds are committed to obtain payment that is worth more than the value of the property destroyed, or to destroy and subsequently receive payment for goods that could not otherwise be sold. These frauds are called as arson where buildings, wild land areas, abandoned homes, vehicles or other property are intentionally, deliberately and maliciously set to fire with the intent to cause damage.  And the list of such frauds is endless.

Now the most important question which comes into play here is that who will make good for the losses caused by such frauds.  How these frauds can be prevented? What measure should be taken by the insurance companies to minimize these frauds? As these frauds are sophisticated crimes done with full planning, these need to be tackled in the most intelligent ways. There are various methods to prevent insurance frauds. One of the ways is public education followed by aggressive criminal persecutions. Education can also help consumers understand the penalties for insurance fraud – and law enforcement can back them up. The consequences of insurance frauds are not only limited to the insurance companies but they leave the honest customers as victims too. Indeed the most widespread consequence is that the honest policyholders are providing capital for the illegal activity of those who engage in insurance fraud in the form of higher premiums. Hence it becomes utterly important for the public to report these frauds. The other effective method to reduce insurance frauds is background investigations.  It is rightly said that a penny saved is a penny earned. Many of us have surplus to invest or we wish to get ourselves and our loved ones insured from any uncertain event. How can we do that? How can we realize the full potential of our money without getting it trashed by such fraudsters? Answer to these questions squeezes to background investigations. This can be done by conducting insurance checks.

A background investigation, also known as a “background check,” is the process of investigation and research to gather information, data, and records about a person or an entity. Whether you are hiring a new employee, entering a new business or personal venture, investigating liability claims, screening a potential client, vetting a potential employee, hiring a nanny or health care worker, or going through a divorce, the ability to conduct effective background research can reduce your risk and improve the accuracy of information or lack thereof. In order to park our funds safely and securely, we need to have thorough knowledge of the insurance agency.  In conducting insurance investigations, surveillance is considered to be of high importance. Surveillance can make sure someone's claims are backed up by their behavior. If someone is claiming an injury, then their activities and lifestyle should be consistent with that. When it’s not it is most likely to have a case of fraud. However eyeing on someone can land a person behind the bars for breaching the rights to privacy.  An investigator watches and waits for someone to appear, and then follows them and observes them. Private investigators know how to conduct this sort of surveillance safely and discreetly. Investigators look into the person’s financial well being, check credit worthiness from the credit card rating agencies, find past convictions, and conduct routine checks. Information from background research provides grounds for curbing the huge and faulty insurance claims. The information derived can be used to reduce the value of fake claims. Investigation helps in bringing the genuine facts up to the surface. By talking to each participant in the fraud, private investigators are able to find discrepancies in their statements that lead to the quick identification of the fraudster.  Private investigators are skilled at collecting and analyzing all sorts of useful information from a scene, including photos, paperwork, and more. Now the next concern is how to find an investigation service agency. Here comes the role of NIDAAN Intelligence World.

NIDAAN Intelligence Services (I) Private Limited {It is popularly known as NIDAAN Intelligence World} is one of the Leading Investigation and Risk Management Specialist Team of India to delivering complete set of Investigation and Verification Services in all parts of India. They are based in the heart of Steel City "Jamshedpur". Their goal is to get the client to the exact information which always tends to the Client's Satisfaction level in standard manner. NIDAAN Intelligence World has served and gave quality results to various organizations of various sectors such as Banking, Telecom, FMCG, SMCG, Insurance and other Industries. While working with various clients throughout journey of about 13 Years; NIDAAN Intelligence World has built its forte in the sector of Investigation & Risk Management by providing quality and satisfactory result to the clients. With PAN India as well as global presence, they are dedicated in providing standard and quality services. They understand client’s requirements and have been in the race of creating the best track record in the industry. Their main services include employee Background Verification Services, Insurance Claim Investigation Services, Detective Services, Fraud Investigation Services, Surveillance Services, Insurance Renewal Premium Collection Services, Retention Services, Pre Loan, Sanction Investigation Services, Asset Searching Services, Bank Fraud Investigation Services, Profile Verification Services, Family Background Verification Services, Documents Collection & Verification Services and Matrimonial Investigation Services etc.

Insurance fraud investigations are an important part of any insurance company’s risk management strategy. Fraudulent claims hurt both the finances of the insurance industry, as well as the general public by raising premiums. Insurance fraud investigators can unveil the truth from fiction, saving both unwitting consumers and the insurance industry millions of dollars.

Some of the testimonials of NIDAAN Intelligence World where they conducted investigations is saving the insurer company from paying a fraud claim of worth Rs 25,00,000/-. Their investigation included surveillance, enquires from the residents of the fraud area, and mind boggling tricks to unveil the truth.

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