Asset Management Solutions (AMS) tackles rising motor insurance fraud
AMS, previously Malachi Enterprises, is leading the insurance industry’s management against fraudulent vehicle insurance claims. Recent analysis from AMS, shows that a full 21% of motor risks being taken on by Insurers, fall into a “high risk” category. These range from vehicles already written off, vehicles already “sold” to fairly minor issues like a chipped windscreen. Further post claims analysis of these “high risks”, confirmed by a major insurance company, shows an alarmingly high propensity for claims.
The AMS mobile vehicle inspection service has been working with leading insurers in South Africa for some 9 years. AMS inspectors are sent to new policy holders' homes and or places of work to confirm the details provided to their insurance companies and or brokers.
The inspection service is performed within days of policy inception and has been used by insurers and underwriters with great success.
The service reports driver details as well as overnight parking arrangements. Internal and external vehicle condition is recorded including tyres, plus location and extent of any damage, modifications or corrosion.
Other particulars checked are valid drivers’ licences, with the licence disk on the vehicle being checked against VIN number on the physical vehicle, plus details of any audio, multimedia, satellite navigation and security systems fitted.
The AMS inspection service is not only used to verify driver details for the clarification of underwriting risk but also importantly reduces exposure to potentially inflated repair claims, something all insurers are desperately trying to bring down.
Bernd Veening, CEO of AMS, comments “We launched the vehicle inspection service in 1999. The results were so dramatic that we quickly extended its availability across the South African insurance industry. Because of our national foot print we have become the insurers’ choice for their clients convenience.”
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