Insurance Fraud Investigations: Why Private Investigators in Singapore Are Necessary?
Defrauding insurance institutions is a big problem that is getting bigger with time. There are many ways through which this type of fraud can be carried out, such as overreporting on genuine claims, making dishonest accident claims, and others.
Investigation on this has not been enough and now insurance companies are relying on private investigative services to handle their insurance fraud cases.
Presence of Insurance Fraud
Insurance fraud occurs when an individual or an organisation knowingly advances false information to any insurer, be it privately or publicly held, with the intention of financial remuneration. Primarily, there are three types of fraud:
Exaggerated Claims: Legitimate claims made with harassment towards the insurer to get more money than what is due.
Staged Accidents: Performing an event of accidents or injuries to get paid through insurance policies.
Faked Deaths: Using people to be ‘dead’ for the sake of collecting the policy benefits is a type of fraud that licenced private investigators often encounter.
False Property Claims: Engaging in claiming for nonexistent thefts or damages.
Healthcare Fraud: Creating non-existent or wrong tax laws due to bad debt in health insurance is a serious issue that the Singapore police force actively investigates.
A rise in fraudulent insurance claims must be understood as a danger not only to the companies themselves. Thus, defrauded policyholders also pay the price through expensive insurance policy premiums; hence, it is important to weed out unwanted claims as early as possible.
A Peek into Insurance Fraud Investigations: Understanding the Work of Private Detectives
Fighting fraud is one of the ways that private detectives help insurance companies. Considering the more complicated occupational arrangements, they are often recruited to conduct extensive investigations whenever any insurance claim appears suspicious. Here’s how they assist:
1. Surveillance and Observation
One of the critical techniques that most private detectives resort to is surveillance. When there are claims that the person exaggerates the injuries sustained, the detectives monitor the day-to-day activities of the claimants to support the claims.
For instance, a disability insurance claimant may be videotaped while actively engaging in activities such as lifting heavy items or playing sports despite having disability claims. Engaging in covert surveillance assists in establishing facts concerning claims that are generally made exaggeratedly or falsely.
2. Background Checks
Private investigators are particularly efficient at obtaining information on a subject’s history. Along the same lines, they can look for even the most sensitive criminal history and financial caches the insurance company might overlook.
For example, they might determine that the claimant has previously submitted several similar claims, which is a fraudulent scheme.
3. Interviews and Witness Statements
The most skilled private investigators know how to conduct complete interviews with the claimant, witnesses, and other parties involved. They notice contradictions in the stories or determine other pertinent aspects, such as whether the person had any financial problems or personal issues causing desperation to commit fraud. They also take depositions from witnesses for later use in court.
4. Document Verification and Analysis
Fraudulent claims often involve falsified documents, whether altered medical records or fake receipts, which can be uncovered when you hire a private investigator. Private investigators are good at examining various documents for any signs of alterations or modification. They work with forensics to ensure the obtained material will stand in a court when necessary while making sure that these remain confidential.
5. Collaboration with Law Enforcement
Insurance fraud is a crime. Each time, the private detectives provide relevant evidence to Singapore police because there is a proper connection and a need: evidence that can help to catch a perpetrator. The evidence leads to arrests, crimination, and even imprisonment of people who commit fraud crimes, showcasing the importance of hiring a private investigator.
6. Expert Testimony
Private detectives inevitably take the place of expert witnesses in court proceedings. They advocate on behalf of the insurance company and, through their detailed knowledge in a particular area and investigation reports, provide information that supports every case ever brought forward. Help in analysing video surveillance, in-depth research, and interviewing different people enable one to have strong evidence against those practising fraud.
Why Private Investigators in Singapore Are Necessary
Insurance companies usually hire internal investigation units, psychologists, and detectives. Still, most of the time, those units may be busy or simply ill-equipped to deal with some of the most complex issues. Private detectives are essential because they may have accumulated years of experience in the private security industry and have come from different fields. Thus, they may look at the problem from a completely different angle, leveraging their experience in the private security industry. Their natural scope doesn’t usually involve dealing with administrative issues of big companies, and thus, they put all their energy into the investigation.
Also, because these private investigators have been hired, confidentiality is guaranteed. Corporate investigators are usually underestimated by many insurance fraudsters who think they are smarter than the corporates, a private detective works incognito and in most cases gathers evidence ‘without being seen’. Their versatility and work ethics enable them to work undercover and hunt for needed evidence in cases involving missing persons.
BSPI: Experts in Private Investigation Services
Baker St Private Investigator (BSPI) has the best private investigators Singapore can offer. After years of operating in this domain, our top private investigators have perfected their skills and can solve cases with the utmost discretion. Regardless of the complications, whether indulged in exhaustive insurance fraud cases, corporate probes, or any other personal concerns, our professionals can handle any difficult circumstances and their outcomes.
Why Choose BSPI?
In matters involving private investigators, confidence, experience, and achieving objectives are very crucial. BSPI is very competitive in all of these aspects and manages to provide results that either fit within or exceed the expectations of its clients. It is, therefore, evident that we are among the most renowned private detective agencies in Singapore due to our level of sophistication and confidentiality in embracing optimal technologies.
We prevent threats for both individual and business clients, ranging from the providence of any necessary legal counsel in case someone wants to settle personal concerns to protection from scams and vandalism targeting a business, which goes along with how our private detectives work. BSPI private investigators are efficient at what we do, and expecting results from us is less of a problem for anyone as, in this era, information is regarded as a commodity.