Mumbai: Insurance fraud cases are on the rise, and fraudsters are getting smarter than ever. Falling prey to a fake insurance agent can put you in serious trouble, as your insurance cover will not be valid at the time of need. Keeping this danger in mind, InsuranceDekho, India’s leading insurtech company, has listed 5 important signs that will help you identify a fake agent and avoid fraud. The things that fake agents focus on mainly include incredibly attractive offers, demand for payment only in cash, lack of online or official identity, informal conversations and inconsistent communication, pressure to buy in a hurry, etc.
- Incredibly attractive offers: If an insurance plan is promising very low premiums, guaranteed high returns or “exclusive” deals, be cautious. There are always some conditions and risks attached to real policies. If an offer looks better than the real one, it is possible that it is fake.
- Demand for payment in cash only: No credible insurance company will ask for cash payment or transfer money to a personal account. Fraudsters prefer cash or informal payment methods so that they cannot be traced. Always ensure that the payment goes directly to the official account of the company.
- No online or official identity: In today’s digital age, genuine insurance professionals have an online identity. If an agent does not have a LinkedIn profile, is not listed on the company’s website, or is not registered with the insurance regulatory body, it is a clear sign that something is fishy. Before making any decision, confirm their credentials with the company.
- Informal conversations and inconsistent communication: Genuine insurance agents always use the official email address issued by the company. If an agent is contacting you from Gmail, Yahoo or any unusual email address, be cautious. Fraudsters usually communicate through WhatsApp and social media rather than official channels. Before making any decision, confirm the contact details of the agent with the insurance company.
- Pressure to buy in a hurry:
Scammers often say things like:
- This offer ends today!
- Pay now to avail this special price!
- If you don’t decide now, you’re going to miss out!”
Real insurance agents give you enough time to review the policy, ask your questions, and make an informed decision.
Tips to protect yourself:
- Verify the agent’s license: Verify the agent’s license with the official insurance regulatory body.
- Contact the company directly: Check the insurance company directly to confirm the agent’s identity and credentials.
- Avoid cash payments: Always use the company’s official payment channels.
- Check online credibility: Check online reviews, government listings, and social media profiles to know the authenticity of the agent.
- Listen to your gut: If something looks suspicious, make a decision only after doing your due diligence.
Be cautious, get the right information, and buy insurance wisely. Your financial security is in your hands!
