Insurance selling was pre-dominantly a push rather a pull product. During the initial period of privatization of insurance business (Early 2000), all the players were conservative in Risk Selection. There was a thorough check conducted on detailed profile of the persons buying the Life Insurance cover. The focus was predominantly on bringing in clean business into the books of company. Risk selection was by far a manual activity where the responsibility was on the experience of the person who was issuing the insurance cover, called the Underwriter.
With less advent of technology fraud was by far only limited to fabrication of documents or signature forgery which could be easily identified by the experience of the Underwriter.
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As we talk of today there are more than 23 insurance companies, close to 500 + broking firms and web aggregators who offer insurance at the click of the button. With cut throat competition and people preferring the online mode for buying Pure Term plans which are again competitively priced the instances of fraud and document forgery has seen a substantial rise.
With the recent Covid 19 pandemic attack, more people are inclined to insure by taking either a Health Insurance or a Pure Term cover. Many companies have relaxed the documentation required for on boarding the customer by offering relaxation on medicals and documents to be furnished to prove the financial position of the customer. This is a perfect recipe for the fraudsters to enter the system undetected.