When we hear word Insurance, the first thing we feel is probably secure, safe and protected. Insurance is a promise of protection from future financial losses in exchange for a periodic payment. It ensures the care of your family when you are not around. Insurance is an agreement between two entities. An entity which provides insurance is known as an insurer and second entity who purchase insurance is known as an insured or policyholder. There are many types of insurance like health insurance, car insurance, renter’s insurance, life insurance, disability insurance etc. and when we hear these words, we feel promised. But you might also have heard about insurance fraud. Insurance fraud refers to a situation when an insured or policyholder attempts dishonest act by mentioning false statements to obtain the benefit of insurance. The representation may or may not be existent because to create a mirage of accident, the policyholder creates a dramatic illusion sometimes. To investigate the reality, background check services for insurance industry is becoming popular with each passing day.
What is background check for Insurance?
Background check for insurance refers to the process of looking into the reality by investigating the roots of records. The insurance companies can’t dig into such matters themselves because of the restricted departments. There are many ways that Insurance companies detect fraud. So, one of the smartest tool used by Insurance companies is hiring agencies or intelligence services. Hiring Intelligence services is drastically growing because of its demand in the market. It detects the deception attempted by the policyholder. An insurance company doesn’t pay claim without having relevant investigation and if they do then it might cause multiple issues for the company. In such case, the clever thing to do for the company is to hire a background check agency.
What is the importance of hiring Intelligence services?
Background check is not only vital for any particular person but also for a company as a whole. Following are the importance of hiring a background check agency:
- Background check for Insurance agencies help to identify the true face of people who were involved in accidents, victimized by criminals or had personal loss.
- Background check agencies reduce the risk of frauds.
- Agencies help to protect the future of the insurance company by refraining from misspending.
- Agencies protect the brand value of the company.
- It saves the time, trouble and money of the company.
- It prevents the company to learn from its mistakes by delivering sharp investigation.
- Intelligence services protect the company from negligent payments.
What are the Losses of not hiring Intelligence agency?
Everything has pros & cons. Just like the importance of background check, the deprivation also stands in front of this. Following are the losses of not hiring intelligence agency:
- Possibility of being liable increases with continuously rise in frauds.
- Loss of reputation of company due to less security issues.
- Cost of unanticipated claims.
- Cost of legal defense even when clean handed.
- Negative media coverage.
- Hard to build trust with customers.
- Unsafe business strategies and policies.
- It may unstable the financial position of the company.
If you are looking for hiring Background check intelligence services for your Company then you are at the right place. You can contact NIDAAN Intelligence Services (I) Private Limited which is India’s one of the premier background verification services company.