Insurance Company often wonder that why many public report mis-selling and fraud through telecalling. Questions are always asked on authenticity of such complaints. It looks unbelievable that common people can fall to such basic insurance fraud telecalling without using their common sense and ignoring public warning by IRDA (Insurance Regulatory Development Authority).
Since 2011, IRDA had been advertising on all national news papers and television:
- IRDA does not call any customer
- IRDA does not offer any loan or bonus or scheme of tower.
- All Policy documents and literature of Insurance companies also warn public.
However, these telecallers do thriving business and many gangs operating are operating through small call centers.
How Call Center Scammers Trap Consumers
- Calling from IRDA verification department, do you have any complaint with your insurance company?
- Calling from Bima Lokpal , do you have any lapsed policy where your money is stuck?
- Calling from IRDA survey, are you satisfied with your agent? Did your agent share his 50% commission?
- Calling from loan department, would you like to have an interest free loan?
Almost 90% public give answers in yes and then the trap begins. Some of the professional call centres have access to data and policy details. They are able to win trust by doing similar activity as done by calling agencies of authorized Insurance companies. They begin Insurance fraud by winning trust and then lay foundation of further loop .
Now next telecaller takes over and builds story which one wants to listen. They use all attractive words like IRDA, Finance Department, Bima Lokpal and often call is made from numbers whose true caller identification also have similar name of government agency . Once someone gives listen to story for 2 to 3 minutes then trust builds up and one agrees to fall in the trap.
Reasons why common people gets trapped in the Insurance Fraud Calling
- Offer is too good to refuse. Who will not like to have interest free loan? These fraudsters give simple logic that these are direct policies where companies are saving commission of agents. Companies are not charging interest because they are saving commission. You are agreeing to pay annual premium and company will have full amount in the policy term. During the period, if you die the claim is adjusted.
- In case of complaint and lapsed policy, offer is made to pay future premiums through lapsed policy money. Very logical and one agrees to buy new policy. A letter of accumulated fund is shown on photo shopped letter head.
- An agent life cycle is very short. 75% of agents leave agency business in first year. Such business is called orphan business with Insurance Companies. Telecallers commit insurance fraud with promise of returning accumulated agent commission of such orphan policies. Who will not like to have the commission back? Insurance fraud is done with promise of returning commission.
Mostly, insurance mis-selling and fraud happens because of human weakness of greed, greed and greed accepting easy money. Else why common people buy insurance through fraud tele calling but refuse to listen to trained licensed agents who solicit business after doing multiple meeting and knocking on many doors .
Easy money attracts all minds and they fall to the trap of tele callers ignoring all warnings of IRDA and Insurance Companies.
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