In the insurance industry, there are a lot of perils to protect integrity of the company, holding sensitive information of the users. Considering the fact that the insurance industry deals with a lot of confidential information, most of the insurance companies are very well-regulated and deeply concerned about compliance and government norms. It is hence unavoidable to conduct employee screening on insurance professionals to effectively investigate superficial claims made, identify potential signs of fraud and reduce any probable financial loss.
There are instances of corporate fraud being committed by professionals which calls for remarkably honest employees. One poor hiring decision can certainly have a negative impact on the sector as many cases of fraud, misconduct or theft of sensitive information are likely to happen. Fraud and theft of confidential information committed by insurance professionals continue to greatly cost the industry.
In today’s stringent regulatory context, financial houses have to be aggressively vigilant in compliance and recruitment policies. That’s why most of these financial institutions including banks, brokerage houses, insurance firms etc. need to screen and hire talented individuals only.
The share of misrepresentations in the financial sector including insurance and banks has seen a substantial increase, majorly due to limited job opportunities in this sector. However, the discrepancy rate at 23.99% is the highest amongst all industries. [Source: AuthBridge Annual Trend Report]
Suggested checks for this industry can be listed as shown below:
- Instant ID Checks
- Criminal Background Check
- National Criminal Database Check
- Credit Check
- Employment Check
- Education Check
- Drug Abuse Test
All operations of a company are detailed and play an important role in protecting the integrity, name, reputation of one’s company. It is imperative that operations are managed correctly and that the right team is hired with the right calibre, skill sets, attitude, past history etc. to keep the business moving forward and protect the brand. Hiring of quality workforce will only enhance the hiring processes and also the very answer to the challenge of the insurance sector. With an effective background screening policy in place, insurance industry can minimise the risk of the fraud, theft and employee misconduct to a large extent which will be of great assistance in the long term success. Comprehensive background screening helps to ensure that the evil intentions of individuals/entities are mapped well in time. This beginner’s step does contribute in a big way to the society and people to weed out unwanted actions and behaviour towards humanity, in general.