Study being performed into behaviour of insurance fraudsters

A study is being carried out into the way in which people behave when committing insurance related fraud. A researcher at the University of Portsmouth, Sharon Leal, has been awarded a grant of £112,000 by an insurance fraud investigation firm to carry out studies into the way that people behave when they are committing insurance fraud.

The findings so far have suggested that many people that are committing insurance fraud give themselves away by thinking too much and too hard about their stories and about what they say. Leal said that those that were lying to insurers went into far too much detail because they planned their story beforehand whereas those telling the truth did not do any forward planning about what to say to the insurance company.

The fact that those committing fraud have to focus more on their story and think more carefully about what they are saying affects the way in which they behave according to the researcher, who is said to be an expert in detecting deception. Leal also said that it was these changes in behaviour that would most likely form a basis for new methods of detecting insurance fraudsters. Investigations into claims could be triggered by various factors such as an overly large claim being made or suspicion on behalf of the insurance employee that first deals with the claim.

Leal stated: ‘There is a real need to use evidence-based methods that are scientifically proven to work to stop wasting insurance companies’ time and money and to stop innocent people being treated as suspects while the guilty get away’ She added: ‘There is a saying, ‘when needs must, the devil rides’, which basically means that when times are tough, people are more likely to break the rules. Insurance fraud has been on the rise since the recession began and insurance companies are very keen to find a way of beating those who cheat.’

Tags: time, researcher, study, telling the truth, basis

Local authorities have lost hundreds of millions of pounds

News about the failure of Icelandic banks that have recently collapsed has been dominating the headlines, and the government has confirmed that local authorities have invested a total of over £840 million with these Icelandic banks. This has caused outrage amongst consumers, but government officials have said that councils were not being reckless with the cash by investing it in these Icelandic banks. Read more

Tags: guarantee, charities, recklessness, advice, basis, LGA, government, bank losses

Man bag risk

An increasing number of men are carrying ‘man bags’ around with them on a daily basis and may be running the risk of losing a host of valuable items.

Women are regularly warned about the dangers of carrying too much in their hand bags and not being insured but it seems that men are taking an even greater risk.

Research by LV= General Insurance shows that the average ‘man bag’ carrier has more valuable items on him than a woman with a hand bag does.

Men’s bags tend to hold contents worth over £60 more than the average hand bag and this could prove costly if the items are not properly insured.

“Man-bags have quickly become a mainstream accessory, helping men lug around their ever more valuable stash of gadgets and personal effects,” said Andrew Beard from LV=.

“British men and women now routinely carry around more than £10 billion worth of possessions – not to mention the cost of the bags themselves and any cash carried – so failure to insure your bag and its contents away from home could prove a costly oversight.”

Around 13.8 million British men now regularly carry a ‘man bag’, along with contents worth an estimated £4.4 billion.

Tags: personal effects, carrier, failure, Bag, LV= General, Mobile phone, cash

Brits emotionally detached from their homes

The majority of British homeowners are not living in their dream home and remain emotionally detached from their property.

Research by Alliance & Leicester shows that just 2.3 million UK adults have found their dream property, while the rest are simply making do.

Mortgage holders were asked, on a scale of one to ten, how emotionally attached they were to their homes, with the average rating being just 5.83.

This means that most Brits see their current home as a halfway house and most would rather live somewhere else.

Alliance & Leicester suggests that this may be down to the fact that many people are so desperate to get onto the property ladder that they will accept anything.

The firm also points to an increasing number of new-build flats that lack character and are primarily seen as an investment by young buyers.

“It seems people are happy to move into a property that isn’t their ideal, in order to move up the property ladder and reap the benefit of rising house prices,” said Stephen Leonard, director of mortgages at Alliance & Leicester.

“More and more people seem to be looking for property on the basis of an investment, rather than buying their dream home.”

The research also found that location is the most important factor when choosing a home, followed by price.

Tags: Stephen Leonard, property, Mortgage loan, basis, first time buyer, benefit

Dirty weekend is dead

The days of the dirty weekend appear to be fading away, with new research showing that most of us prefer to go away with friends.

New research by AA Insurance shows that 55 per cent of people in a relationship have gone on holiday without their lover, while 13 per cent admit they enjoy short breaks more when their partner stays at home.

The most popular reason for taking a break without our partners, cited by 22 per cent of those asked, is that we want to do an activity which our other half does not enjoy.

A further ten per cent say that they go away alone because they need some space.

“For many, mini breaks are a chance to have some time away from their partners and do things they wouldn’t necessarily do if their partner was with them,” said Clare Emsley from the AA.

The new partner-less mini-break has been dubbed a Clean Weekend and a number of insurance firms are offering special premiums for people taking this kind of holiday.

However, many people will find that it is far cheaper to get travel insurance for a couple than on an individual basis.

Tags: basis, activity, holiday, Clean Weekend, mini, New, fading away, research

Insurance for the Critically Ill

Many people unfortunately become ill at some point in their life with a sickness that turns critical and need constant treatment on a daily basis. Life insurance is a popular product but it is actually more likely that an individual will contract a “critical illness” than die. Medical treatments, either at the hospital or in home, can be very expensive to have privately, but the unnoticed cost is the loss of earnings of a breadwinner, and the incidental expense of travelling to hospitals, childcare etc. Read more

Tags: illnesses, breadwinner, critically ill, life insurance, protection, case, basis, critical illnesses