Following a global spike in fraudulent transactions, travel insurance companies are clamping down on supporting documentation requirements before paying out claims.
For instance baggage delay and loss claims require a letter from the airline confirming the length of the delay and whether compensation was given and proof of payment for expense reimbursement claims needs to be attached for every item.
According to reports in the British papers, travel agents in the UK have seen a 400% rise in insurance claims in the past year alone.
Noel Joseph, claims manager for TIC said fraudulent insurance claims were an ongoing issue for TIC locally but had not noticed a marked increase in this year. He advised that inflated baggage claims were their most frequently identified, ongoing source of fraud locally and that TIC’s claims department remained vigilant to fraudulent activity on a daily basis.
For information regarding supporting documents and claims process for your business travel contact your Corporate Traveller Expert.