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Vehicle inspection service to cut the cost of fraud to insurers

Published

2008

Mon

13

Oct

 

With the holiday season soon upon us it has become imperative for insurers to implement tighter risk / underwriting controls so as to stem the expected fraud and or high claims frequencies over the next four months.

 

Asset Management Solutions (AMS) – South Africa’s largest independent mobile vehicle inspections company – has been set up specifically to serve the needs of motor insurance underwriters and claims managers when taking on new risks.

 

Leading insurers estimate that the returns from thousands of inspections, equate to savings of more than five times the costs of using the service, if not more.

 

Benefits are primarily from rejecting unacceptable risks, detecting loaded claims, avoiding fraudulent claims for vehicles already damaged, written off or otherwise disposed of, and other premium and claims adjustments.  

 

To carry out an inspection, a member of the dedicated AMS team will visit a policyholder at their home or place of work to gather details of vehicle specification, accessories and condition, check vehicle and driver documents, overnight storage location and other key data including VIN and drivers licence information.

 

The inspection results are recorded on computer, signed by the policyholder and made immediately available to the insurer, where they can be used by both Underwriting, for policy endorsement, premium adjustment or cancellation of policies, and by Claims, for checking inspection results as and when claims are received.

 

AMS is the professional choice for both insurers and policy holders alike.  Bernd Veening, its founder and CEO of AMS in South Africa says “Insurers simply have nothing to lose and everything to gain from using AMS, a service which is convenient, professional and is in effect self-financing.”

 

“Additionally, our surveys have shown that policyholder reaction is overwhelmingly positive.  Everyone knows that reducing fraud means lower premiums and the vast majority of drivers see the service as their insurers trying to do something positive and convenient for them” concludes Veening.

 
Source: Asset Management Solutions
 
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Underwriting Expenses:

All expenses of an insurance company which relate to the carrying on of insurance business, other than expenses connected with investments and investment property and expenses of a general nature, such as director’s fees. Also termed management expenses. Underwriting Fund See insurance funds.
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