Enservio recently hosted the second of our twice annual Customer Advisory Board meetings in Boston, drawing an elite group of senior claims officers. As always, the meetings are a great way to validate that our product direction is in synch with our customers’ needs and business plans.
Now that it’s April, apart from April showers and warmer temperatures, many Americans start thinking about the April 15th tax deadline that’s rapidly approaching. Not so coincidentally, the month of April typically sees a spike in the number of homeowner claims filed. You can probably guess the other time a similar increase in claims occurs – around the holidays later in the year.
Presumably consumers panic when it comes time to pay their tax bills as well as get anxious about the need for extra cash around holiday time. A smaller spike occurs around August/September when tuition bills are traditionally due. Continue reading
We’ve talked, on this blog, about insurance fraud many times before. But our focus has always been on a somewhat small scale (think builders who leave with your money before their job is done or a homeowner claiming exaggerated losses after a house fire). Now, however, comes a case where the money laundered is in the hundreds of millions instead of the tens of thousands; where the swindled aren’t unsuspecting insureds, but entire insurance companies across the United States. This is the case of Martin Frankel and his $200 million in stolen loot. Continue reading
Last month, a North Carolina woman Debra Gail Hodges was arrested and placed under a secured bond of $4,000 for insurance Continue reading
Financial services fraud rose 6% in 2011, according to the accounting firm BDO. Claims Journal recently ran two front page stories on the topic – one is a $1.1M insurance fraud case in NY and the other details how home insurance is the number one fraud target in the UK.
Big deal, right? Continue reading
Profit margins for homeowner’s insurance have always been extremely tight for insurance carriers and things may get worse before they improve according to a recent Aon Benfield report. As covered in Live Insurance News, the report shows potential profit in the home insurance market is dropping and may be attributed to property insurers not pricing homeowner policies in accordance with risk. This may come as a surprise to many consumers who have seen rate increases in their homeowner’s insurance policies, but according to the Aon Benfield report, rate hikes may not be enough to put carriers in the black. The uncertain economic climate compounds these challenges across the board for consumers, carriers and the state insurance regulators who are opposing rate hikes. Continue reading