Background Screening Trends in Insurance

Industry

?

Poor hiring decisions can have a negative impact on the insurance sector as incidents such as fraud, misconduct or theft of sensitive

information are likely to committed by the employees. Insurance companies

are therefore, should be deeply focused on protecting the reputation of

the company by conducting

Background screening

Can poor hiring decision have negative impact on insurance sector?

Considering the fact that the insurance industry deals with a lot of confidential information, most of these insurance companies are very well-regulated and very much concerned about compliance with government regulations. This calls

the necessity of

Background screening of

insurance professionals as it helps to investigate claims more

effectively. Moreover it helps to reduce potential financial loss by detecting potential signs of fraud.

As per survey conducted by a leading

Backgroundverification company in

India, highest discrepancy in insurance industry displays

in the 30-39 age group, followed by 25-29 bracket.

Check-wise analysis in the Insurance industry

shows that employment

discrepancy has the maximum contribution throughout the fiscal

2010-11, 2011-12 and 2012-13, the

second highest contribution being that

of reference discrepancy. However, Address and education discrepancies shows a contrasting trend over

the fiscals

With an effective

Background screening

policy in place, insurance industry can

hire experienced, trustworthy employees

, which would eventually minimize

the risk of the insurance fraud and theft of confidential

data to a large extent

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