Insurance companies sell policies to individuals and businesses who want to be protected against financial losses. Fraud is a common problem in the insurance industry due to its nature. People and businesses sometimes file false insurance claims in order to profit financially. As a result, many insurance fraud jobs are available in the industry.
Individuals can gain experience in law enforcement by working in the insurance industry. Many people begin their careers as insurance adjusters or insurance inspectors. Insurance fraud jobs provide valuable investigation and case documentation experience that will benefit future law enforcement officers.
Property and casualty insurance companies are where the majority of insurance fraud jobs are found. As an independent adjuster, someone interested in a career in this field could work for a third-party company. On a case-by-case basis, independent adjusters work for insurance companies. As adjusters, they investigate claims, document evidence, report findings, and make critical decisions about the investigation’s direction. When it’s appropriate, adjusters can also negotiate and settle claims.
Insurance fraud jobs in Special Investigative Units are also available to lawyers. These units are designed to thoroughly investigate claims in order to ensure that evidence is properly documented, resulting in a clear fraud conviction. These professionals can be effective in negotiating lower settlements when fraud is less obvious.
Surveillance is another area where insurance fraud jobs abound. Investigators are compensated to observe and record claimants as they go about their daily activities. Video surveillance is frequently used to disprove bodily injury claims.
In some cases, the fraud is discovered by the insurance appraiser. For example, he might notice damage that isn’t consistent with a reported auto accident claim. If the report claims a low-speed rear-end collision, but the appraiser discovers damage to the vehicle’s side, suspicions will be raised. The appraiser will submit his findings to the Special Investigative Unit, which will review the case and determine whether a fraud conviction is warranted.
When investigating claims, insurance investigators and adjusters must be mindful of their country’s and locality’s consumer protection laws. They walk a fine line between uncovering facts, documenting fraud, and upholding individual rights. If an investigator violates these rules, the insurance company could be held liable for not only the claim, but also penalties and additional damages imposed by a court.