What is an Insurance Fraud Investigator?
There are wide varieties of insurance fraud. Some of them are:
1. Workers Compensation fraud where an employee claims to be injured when they are not
2. Employer workers compensation fraud where an employer collects premium from employees for a policy that does not exist
3. Staged auto accident fraud where people stage accidents in order to sue insurance companies for money with the help of crooked doctors and lawyers
4. Re-insurance fraud where insurance companies insure their clients with companies that don’t exist
5. Phony offshore insurance companies that don’t exist or pay benefits when something happens
6. Discounted life insurance fraud where some body buys discounted life insurance for a terminally ill person
The above list could go on. It is the job of the insurance fraud investigator to combat these insurance frauds. In the course of doing an investigation, the insurance fraud investigator will perform the following:
1. Interview the complainant to determine why the complainant feels fraud has been committed
2. Map out an investigation strategy
3. Setup surveillance to catch the perpetrator in the act
4. Conduct in-depth interviews with those that may help prove the fraud
5. Conduct interrogation of the fraud perpetrator
6. Prepare report of his or her findings
7. Assist in the prosecution of offenders by testifying in court
Insurance fraud investigators must follow federal, state, and local laws when conducting their investigation. They must also maintain the integrity of any evidence they collect. Violations of these laws and rules could make their evidence inadmissible in court. This could lead to a party guilty of fraud going free.
How to Become an Insurance Fraud Investigator:
To become an insurance fraud investigator, you will need a college education. Most hiring agencies or organizations require at least a bachelors degree. The majors most often mentioned are accounting, criminal justice, and criminal investigations.
Government agencies seem to prefer those that are certified. The preferred certifications are Certified Fraud Examiner, Certified Financial Examiner, or Certified Public Accountant. You only need one of these certifications.
Insurance Fraud Investigator Salary:
Insurance fraud investigators make an average pay of $60,000 per year. The pay continues to rise as they gain more experience and years of service.
There are online schools that will help you get a bachelor’s
degree in accounting or criminal justice without putting a hold to your
current life. One of them is AIU online.
Follow this link to get their free no obligation information.
Another one is Kaplan University. Kaplan University offers criminal justice degree with concentration in investigations. You can also follow this link to get their free information. It may be a good idea to get both information and see which one will work out better for you.
Criminal Justice Careers