Corruption in Insurance Sector - Inputs on Root Causes
Below are the key issues as highlighted by you related to Corruption in Insurance Sector. Please review and if there are additional issues, please comment. Otherwise, please share root causes for such corruption.
We will then have a seperate discussion on Solutions.
Key Corruption Issues in Insurance Sector
1. Insurance companies make deductions while processing claims and do not give details about the deductions
2. Many times false claims are filed in the medical sector
3. In automobile sector, the surveyor take bribes to pass false claims
4. Many genuine claims are rejected for no reason
5. Bribes are asked to clear the matured policies
6. The insurance company doles out assurances of several benefits which are neither documented nor they provide any authentic document to substantiate the offers
7. These insurance companies get marketing support from their banking partners and tele-marketing agencies who keep pushing their customers to earn commission
8. Agents make false promises to sell policies more
We will then have a seperate discussion on Solutions.
Key Corruption Issues in Insurance Sector
1. Insurance companies make deductions while processing claims and do not give details about the deductions
2. Many times false claims are filed in the medical sector
3. In automobile sector, the surveyor take bribes to pass false claims
4. Many genuine claims are rejected for no reason
5. Bribes are asked to clear the matured policies
6. The insurance company doles out assurances of several benefits which are neither documented nor they provide any authentic document to substantiate the offers
7. These insurance companies get marketing support from their banking partners and tele-marketing agencies who keep pushing their customers to earn commission
8. Agents make false promises to sell policies more
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Corruption in any sector is increasing as individuals look for small benefit. Instead of paying Rs. 250 fine, people like to pay Rs.100 as bribe. Another strong reason is not rising voice against people who do corruption due to fear factor, don't want to get involve in any such issue due to poor law system. more
Aug 24
GENUINE AND HONEST AGENTS ARE NOT GIVEN THEIR DUES. POLICIES ARE BOOKED WITH SOME OTHER AGENTS NAME. WHAT ABOUT THE POLICIES WHERE THE INSURER DIRECTLY COMES TO THE COMPANY FOR INSURANCE AND NO AGENT IS INVOLVED. more
Aug 23
I WAS CHEATED BY NEW INDIA ASSURANCE OF RS. 2.50 LAKHS. SONCE THERE WAS NOBODY TO HELP I DID NOT GO TO COURT.BY THE WAY THE AGENCY THROUGH WHICH WE WENT BELONGS TO RAJ KAPOOR FAMILY, HIS DAUGHTER ACTUALLY . more
Aug 23
False claims are also being filed in Automobile and property insurance. Whenever you want to replace tyres, file a claim for something else with hand in glove with surveyor. more
Aug 23
