Metropolitan insurance warning

[Shaun Jacobs]

Metropolitan insurance warning

Increasing incidents of fraud in the long-term insurance business may result in limited coverage and increased premiums for South Africans.

 

[The Worker]

Ouch.

 

[Alexander the Straight]

Well Im certain that their number crunchers/risk analysts have sufficient data to identify some commonality among the majority of fraudulent claims.

No reason why everyone should have to suffer?

 

[The Worker]

Well Im certain that their number crunchers/risk analysts have sufficient data to identify some commonality among the majority of fraudulent claims.

No reason why everyone should have to suffer?

Unless, of course, if Fraud is just the excuse, but a struggling economy and consumers dumping insurance policies my be the actual undelying cause.

 

[blowdart18]

Had an investigator from Momentum that came to our offices to ask for CCTV footage of the road in front of the company.

Few weeks back, City of JHB was fixing the road and left the repair work uncovered - this person obviously clapped this in the middle of the night, as it looked like a warzone the next morning.

Obviously the investigators are under pressure to verify lots of things around the claims these days.

 

[die_koos]

What is not said here is that they are more than willing to accept premiums without really verifying the info provided, only at claim stage do they then double check everything.

So if you make a mistake when submitting info at sign up, they carry no risk while taking your premiums.

Do not expect them to pay back your premiums with all the interest they earned if it turns out at claim stage that you made a mistake when applying.

 

[The Worker]

Because there is such a big misunderstanding or perhaps even no understanding how insurance works, a country like South Africa should rather not have such industry in total. In the long run, the absence of the industry may be better for the people. But, perhaps this should become a mandatory industry managed by the ruling government instead to ensure that every person, rich or poor has mandatory insurance packages and ensure payments are made to the fiscus.