The British Caribbean Insurance Company Limited (BCIC) has strengthened its anti-fraud capabilities with the launch of its own Special Investigations Unit (SIU), backed by Guardsman Elite.

With over 40 years of experience providing security solutions, Guardsman will furnish the unit with all the considerable resources and intelligence available within the group.

With this new partnership, BCIC said it was sending a clear message to fraudsters who believe they can ‘game’ the system in order to make ‘easy money’.

REDUCTION IN FRAUDULENT CLAIMS EXPECTED

BCIC added that it has a zero tolerance policy for fraud, and this new partnership reaffirms that position.

Peter Levy, managing director of BCIC, noted that the partnership is crucial to the company’s efforts to deter individuals from believing they can get away with fraud.

Ultimately, Levy expects a reduction in the number of fraudulent claims with which the insurer has to contend.

“Guardsman is a leader in the security industry, and we are confident that they will enhance our ability to catch perpetrators before they can profit from their illegal activity. The SIU will be supported by the advice of the Guardsman team, who have the technical expertise to point our investigations in the right direction. The ability to mitigate against fraudulent claims, will allow us to better serve customers with legitimate claims” he said.

Last year, the company incurred over $7 billion in claims.

Levy said the company has no issue with paying claims, as is its duty to the policyholder. However, the company wants policyholders to be confident that their premiums are being spent on genuine claims and on necessary business expenses, not on paying fraudulent claims.

“We have a responsibility to ensure that our customers are receiving the full benefits of being a loyal BCIC customer. We also have an obligation to protect customers from fraudsters who may try to recruit or intimidate them into joining nefarious schemes. The SIU will be a critical resource in fulfilling this responsibility, and with this support from Guardsman Elite, we are in a better position to do so,” he said.

Levy went on to say that the company intends to prosecute anyone involved in insurance fraud, relying on the support of Guardsman to gather evidence and testify against fraudsters.

“We are sending a strong message that insurance fraud will not be tolerated. We will pursue all our options under the law to bring fraudsters to justice.”