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Fake out: How to avoid staged car accidents

June 15th, 2010

According to the National Insurance Crime Bureau (NICB), fraudulent auto accident claims increased 46 percent between 2007 and 2009. During this same time period, the ratio of questionable bodily injury (BI) and personal injury protection (PIP) claims to total injury claims has also increased; however, the overall number of BI and PIP claims has declined.

Common fraudulent accident types

The most common types of fraudulent accidents are the: swoop and squat, side swipe, panic stop, and drive down.

Swoop and squat

In this fraudulent accident scheme two or three criminal vehicles target one innocent victim.

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Herculean Tasks Facing Insurance Enterprise Architects

June 14th, 2010

As the technology infrastructures within insurers become increasingly complex, a greater onus will fall on the shoulders of enterprise architects, a new report from Boston-based Celent finds.

The report, “The Labours of Hercules: The Challenges Facing Insurance Enterprise Architects,” says the issue requires a deeper melding of IT and the underlying business processes.

“IT change is arriving at the gates of the insurer at an ever-increasing rate,” notes Craig Beattie, analyst with Celent’s insurance group and author of the report. “Staff are now more knowledgeable about technology than ever before. How (

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History of Auto Insurance Specialists

June 14th, 2010

The first cars began appearing on roads during the late 19th century. Ever since, auto collisions have been a concern among drivers. Though liability could be determined in the case of a collision, that guilty driver did not necessary have the ability to cover the costs of the damage they created. This problem is what eventually led to the notion of auto insurance.

The Emergence of the Auto Insurance Specialists

The first auto insurance policy was created to protect drivers from such financial liability.

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New York Stops Unauthorized Health Insurance Premium Increases

June 12th, 2010

New laws in New York make it harder for insurance companies to raise premiums. The governor signed into law the Governor’s Program Bill No. 278 which gives the New York State Insurance Department authority to review and approve insurance premiums before they are issued. It passed with overwhelming support in a 111-17 vote.  Before this new law the insurance industry was pretty much self-regulated, according to a report by dotmed.com. “Deregulation of health insurance premiums is a failed experiment leading to unjustified premium increases and more people losing their health insurance coverage,” Governor Paterson said in prepared remarks.

Now, if insurance companies want to raise rates, they have to apply for approval first. “Befor

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Congressional Negotiators Start Effort to Merge Versions of Financial Reform Bills

June 11th, 2010

WASHINGTON — Negotiators from the House and Senate gathered on Thursday to merge two bills representing the most comprehensive changes to financial regulation since the Depression, but the script they acted out was largely being written elsewhere.

Republicans quickly accused Democrats of largely putting on a political show in the form of seven days of televised meetings, including debates scheduled over the next two weeks. The White House wants a final bill on President Obama’s desk by July 4.

Senator Richard C. Shelby of Alabama, the top Republican on the Senate banking committee, said the biggest differences between the House and Senate bills were being worked out between the Obama administration and Democratic leaders in Congress, and that Republican amendments were unlikely to succeed.

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Weekend Insurance Tip: Know How to Get Reimbursed by Your Renter’s Insurance Company

June 10th, 2010

Renter’s insurance is important and keeping good documentation is key to securing your reimbursement if you need to make a claim. You can’t get reimbursed by your renter’s insurance company for things you can’t remember or things that had more value than the insurance company thinks it had. The solution is documentation.

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