I don’t think there is an industry that hasn’t been affected by the credit crunch – And that includes insurance.
Most people think that insurance is pretty much recession proof, as lets face it – its just one of those things the majority of people daren’t be without.
But even insurance companies are feeling the squeeze as they are having to hire extra staff and install expensive technology to try and combat the growing number of fraudulent claims being made due to the economic downturn.
One major insurer claims a whopping 46% increase in fraud over the last six months which is estimated to cost the industry a whopping £1.75 billion a year.
Many insurers have already forked out on telephone system lie detectors – where customers calling to report claims have their voices monitored by the super high tech software which then indicates if they are giving false information.
The software is able to detect the changes in a customers voice caused by increased levels of stress – hesitation and repetition have been identified as tell tale signs of someone who is not telling the truth.
Be afraid, be very afraid!!