Travel Insurance companies are clamping down on supporting documentation requirements before paying out claims, following a global spike in fraudulent transactions.
According to reports, some countries have seen an increase of up to 400% rise in insurance claims in the past year alone.
Here is an example of some of the supporting documents that Travel Insurance Companies may need:
- Delay claims will require a letter from the airline confirming both the cause and length of the delay.
- 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.
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 FCM Travel Manager.