Another Reason Not to Like the Insurance Industry
I’ve made it clear how much I dislike the insurance industry, which has done a phenomental job making other areas of the financial services industry seem almost virtuous by comparison.
For the latest example of how these people operate, I refer you to the Introduction from a new report by the Consumer Federation of America, entitled Low Ball: An Insider’s Look at How Some Insurers Can Manipulate Computerized Systems to Broadly Underpay Injury Claims (italics mine):
Over the past ten to fifteen years, the payment of bodily injury claims covered by automobile or home and property insurance has evolved from a system based primarily upon the experience and knowledge of claims’ adjusters to a computer-based assessment that has the potential to be easily and broadly manipulated by insurers. This technology has enabled many insurers to increase profits by reducing the amount paid to consumers who file bodily injury liability claims, including uninsured and underinsured motorist claims. Insurers have also been able to hire less-experienced employees to handle these types of claims, since the computer programs conduct much of the decision-making. Few consumers have knowledge of these practices, while even less understand the significant impact that the practices can have on their financial lives. The authors’ primary objective in writing this report is to inform regulators about the technical complexity of this topic and the need to exercise better oversight regarding how these systems can be manipulated to the detriment of consumers. Expanding on a previous CFA report, we hope to further educate consumers filing bodily injury claims about how they can avoid unfair tactics employed by some insurers who use computer-based assessment systems and receive a fair settlement.
Click here to read the rest of the report.
Read more at Financial Armageddon
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