Naughty, naughty.

[geomark]

Good for the insurance company, throw the book at the oke.

 

It still boggles my mind that it is viable to steal something that has a GPS on it and is internet connected.

I know right, lock yourself out of your own phone and you're doomed forever, yet somehow every stolen one ever can disappear and be re-used despite having unique network identification numbers?

[splat]

Agreed, however, it is because of people similar to the ones in the OP's post that the insurance companies are hesitant to pay out. 

 

As usual, it is the few people messing it up for the rest of us when we have a legitimate claim... I would love to know the estimated amounts that insurance companies lose due to fraudulent claims - I'm sure it must be millions.

 

It's enough for them to employ a fraud department 

[Captain Fastbastard Mayhem]

I know I shouldn't be laughing, but I am. Loud, and hard. 

 

Fkers like this are why our premiums are so high, and why I'm likely to get a grilling by the assessor that's going to be coming to see me next week after my garage got broken into and 50k plus of tools, kids bikes and sound system got swiped. 

 

Luckily they left some of the carry cases behind, but as I've inherited a shedload of tools that DIDN'T have carry-cases, that side of things is gonna be difficult to prove ownership. 

[DJR]

I know right, lock yourself out of your own phone and you're doomed forever, yet somehow every stolen one ever can disappear and be re-used despite having unique network identification numbers?

Bill Gates is behind it I tell you, my mate who works for........  

[Steven Knoetze (sk27)]

Sjoe... Insurance fraud is Pre meditated. The courts don't take kindly to planned and executed criminal activity of any level.

 

That sort of character is a dangerous person in desperate times

 

That being said the courts don't seem to be bothered with the states premeditated looting taking place daily.

 

I do think it becomes a case of "if they can then why can't I". in some cases and amongst some people that is......

[Jewbacca]

That being said the courts don't seem to be bothered with the states premeditated looting taking place daily.

 

I do think it becomes a case of "if they can then why can't I". in some cases and amongst some people that is......

Yeah... BUT it's difficult for the investigators and those doing the prosecuting. 

 

Don't for a second think their families aren't threatened, cars torched and compensation offered to all involved.

 

I'm pretty sure a few family members have been removed and partially returned more than once. 

 

It's an entirely different story taking down the state when they pay your salary, have complete control over your future AND operate like gangsters where life is cheaper than a bottle of Johnny Walker red

[DJR]

I know I shouldn't be laughing, but I am. Loud, and hard. 

 

Fkers like this are why our premiums are so high, and why I'm likely to get a grilling by the assessor that's going to be coming to see me next week after my garage got broken into and 50k plus of tools, kids bikes and sound system got swiped. 

 

Luckily they left some of the carry cases behind, but as I've inherited a shedload of tools that DIDN'T have carry-cases, that side of things is gonna be difficult to prove ownership. 

 

Myles, do they look at ones claims history when deciding to refuse or investigate? You know, if you have someone who has never made any claims, or hardly any, and suddenly he has something bizarre happen

Edited May 14, 2020 by DJR

[Showtime]

Given the cost of bicycles and rapid depreciation should they still be insured at replacement value?

 

If I want to insure my 2013 Epic I just give a quote for a 2020 equivalent. But my bike is worth nothing now, it doesn't even have boost or a modern geometry.

 

This must be a reason for many bikes being stolen. For some it's not so much insurance as an upgrade policy.

[Captain Fastbastard Mayhem]

Myles, do they look at ones claims history when deciding to refuse or investigate? You know, if you have someone who has never made any claims, or hardly any, and suddenly he has something bizarre happen

I'm not entirely sure (not my area of expertise) but I've had a few claims in recent times and only one assessor come out to see me / interview me. That was when I got bumped off my old Giant in Pinelands, 5 or so years ago. I've had cell phone, motor & ipad claims since then, but for things like broken screens and water damage (kids like to experiment with things, who'd have known that throwing a phone off the 4th floor would be one of those experiments) 

 

With those other claims, no assessor came to me, but they're backed up with damage reports and with motor claims they send an assessor round to the panel beaters. 

 

When they did send an assessor round (for the giant) they went into quite a bit of detail (felt like an interrogation) tracked my cell phone (to determine if I was where I said I was) and so on. 

 

I have no doubt that this sort of thing is SOP nowadays. 

[DJR]

...........

 

When they did send an assessor round (for the giant) they went into quite a bit of detail (felt like an interrogation) tracked my cell phone (to determine if I was where I said I was) and so on........

That's quite intense. 

[Jewbacca]

Myles, do they look at ones claims history when deciding to refuse or investigate? You know, if you have someone who has never made any claims, or hardly any, and suddenly he has something bizarre happen

I understand that all Insurance information is available to those assessing.

 

As a kid I was incredibly irresponsible and wrote off 3 cars in 18 months.

 

No matter who I approached, no insurance company would insure me as they could see my claims history and I was a massive liability.

 

So I would guess that hasn't changed. One can't run up an inflated premium with one company then switch and go back to 'normal'.... 

[Patchelicious]

Agreed, however, it is because of people similar to the ones in the OP's post that the insurance companies are hesitant to pay out. 

 

As usual, it is the few people messing it up for the rest of us when we have a legitimate claim... I would love to know the estimated amounts that insurance companies lose due to fraudulent claims - I'm sure it must be millions.

 

It is much much more than that.

 

Here is a snippet of a slide I did. Fraud is so big that we have multiple eco-system partners that exist solely to try and drive claims fraud down. It is one of the biggest growth areas of AI in insurance at the moment, both at client acquisitions stage (to drive down chance of having fraudsters on book) and at claims registration.

 

If you submit a claim, with some of this tech, it will return a % likely hood of fraud on that claim, by looking at hundreds of data points, bureaus, social media, payment histories etc..... we have even started intergrating the use of Luis (Microsoft's AI super computer) to use congnitive services to score the chances of you lying when you submit your claim by video.

[Schnavel]

It is much much more than that.

 

Here is a snippet of a slide I did. Fraud is so big that we have multiple eco-system partners that exist solely to try and drive claims fraud down. It is one of the biggest growth areas of AI in insurance at the moment, both at client acquisitions stage (to drive down chance of having fraudsters on book) and at claims registration.

 

If you submit a claim, with some of this tech, it will return a % likely hood of fraud on that claim, by looking at hundreds of data points, bureaus, social media, payment histories etc..... we have even started intergrating the use of Luis (Microsoft's AI super computer) to use congnitive services to score the chances of you lying when you submit your claim by video.

 

Wow, that's quite amazing - thanks for sharing!

 

Whenever there is money involved, someone is always going to try and cheat the system in order to make a quick buck or two. 

[Jewbacca]

It is much much more than that.

 

Here is a snippet of a slide I did. Fraud is so big that we have multiple eco-system partners that exist solely to try and drive claims fraud down. It is one of the biggest growth areas of AI in insurance at the moment, both at client acquisitions stage (to drive down chance of having fraudsters on book) and at claims registration.

 

If you submit a claim, with some of this tech, it will return a % likely hood of fraud on that claim, by looking at hundreds of data points, bureaus, social media, payment histories etc..... we have even started intergrating the use of Luis (Microsoft's AI super computer) to use congnitive services to score the chances of you lying when you submit your claim by video.

*AN 8%

 

On a serious note, that is a lot of money.

 

Sjoe

[Tomik]

At the same time, it is pretty annoying when you are the victim of a crime and the only piece of investigation that gets done is of you and the legitimacy of your claim. Had my car stolen from the cricket club while I was on the field. Insurance phoned the club chairman who knew nothing about it. I got a suspicious assessor snooping around my mates asking questions for a few days.

 

Not sure what you're annoyed about. It is not an insurance company's job to try find your car/bike. That is the police's job. Their job is to assess your claim, that's all. 

[Bateleur1]

It is much much more than that.

 

Here is a snippet of a slide I did. Fraud is so big that we have multiple eco-system partners that exist solely to try and drive claims fraud down. It is one of the biggest growth areas of AI in insurance at the moment, both at client acquisitions stage (to drive down chance of having fraudsters on book) and at claims registration.

 

If you submit a claim, with some of this tech, it will return a % likely hood of fraud on that claim, by looking at hundreds of data points, bureaus, social media, payment histories etc..... we have even started intergrating the use of Luis (Microsoft's AI super computer) to use congnitive services to score the chances of you lying when you submit your claim by video.

 

One of the more interresting reads on the hub today thanks.