Image
Icon

Directory

IconAccounting & Tax
IconActuaries
IconAdministrators
IconAppraisers & Valuers
IconArbitration Services
IconASIB
IconAssessors & Loss Adjusters
IconAssist and Lifestyle Benefits
IconAssociations & Institutes
IconAuditors
IconBBBEE Consulting and Verification Agencies
IconBroker Acquisition Financing
IconBrokers for Brokers
IconBusiness Process Management
IconBusiness Process Outsourcing
IconCall Centre Outsourcing & Sales
IconCompany Secretarial Services
IconCompliance
IconConsumer Protection
IconCorporate Governance
IconCredit Bureaus
IconDebit Order Collection Facilities
IconDefensive Driver Training
IconEducation and Training
IconEmergency Medical Rescue
IconFAIS
IconFire, Storm, Flood Damage Specialists
IconForensic Investigation Services
IconHuman Resources
IconIndustrial Cleaners
IconInformation Technology and Software Partners
IconInsurance Companies
IconLegal
IconLightning Damage & Surge Protection Specialists
IconNiche Insurance Products
IconOmbud
IconOutbound Sales
IconOutsourcing Companies
IconPolicy Administration
IconPremium Financing
IconPublic Loss Adjustors
IconPublications
IconRating Agencies
IconReference Books & Material
IconRegulatory Authorities
IconRisk Finance
IconRisk Management
IconRisk Surveyors
IconSalvage Operators
IconSpecialized Claims Investigations & Assessing
IconSurveys and Research
IconTraining Courses & Workshops
IconUnderwriting Managers
IconVehicle Accident Management
IconVehicle and Household Risk Inspection Services
IconVehicle Tracking
IconWellness Programs
IconWholesale Brokers
IconZZZZZZ
Image
  Subscribe To »

Asset Management Solutions (AMS) tackles rising motor insurance fraud

Published

2008

Tue

23

Sep

 

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.”

 
Source: Asset Management Solutions
 
« Back to previous page Print this page » |
 

Breaking News »

SANDWICH PANELS: A Burning Issue - Understanding the Risk

Sandwich Panel related fires have resulted in major property damage and business interruption losses over the years. What are Sandwich Panels? Sandwich Panels or Composite Panels are structures made ...
Read More »

  

Allianz and Euler Hermes strengthen Africa team

Johannesburg – September 16, 2020 – Allianz Global Corporate & Specialty (AGCS) appointed Asheen Maikoo and Piet Schutte as Senior Risk Engineers on September 1, 2020, to continue ...
Read More »

  

QSURE STEPS INTO COLLECTIONS AND PAYMENTS INDUSTRY AS KEY PLAYER

        Well-known collections and payments company, QLINK Holdings (Pty) Ltd, today announced it has rebranded Insure Group Managers Services (IGMS) to QSURE. Chief Executive ...
Read More »

  

Allianz: Companies face five liability loss trends in the face of the coronavirus pandemic

Johannesburg/London/Munich/New York/Paris/Sao Paulo/Singapore – September 09, 2020 – Liability exposures for companies around the world are increasing. Factors such as rising litigation, collective ...
Read More »

 

More News »

Image

Healthcare »

Image

Investment »

Image

Life »

Image

Retirement »

Advertise Here
Image
Image
Image
Image
Image
Image
Image
Advertise Here

From The Glossary »

Icon

Facultative Obligatory:

An arrangement in which the cedent chooses the risks to reinsurance be ceded and the reinsurer is obliged to accept. It shares many characteristics with treaty reinsurance.
More Definitions »

 

Advertise

 

eZine

 

Contact IG

 

Media Pack

 

RSS Feeds

By using this website you agree to the Terms of Use.
Copyright © Insurance Gateway (Pty) Ltd 2004 - 2020. All Rights Reserved.