The Maryland Auto Insurance company has launched a fresh initiative targeted at fighting auto insurance fraud in Maryland.
This is coming at a time when FBI projects insurance fraud is believed to account for more than $40 billion in costs annually, according to a press release from Maryland Auto Insurance..
“Maryland Auto has a talented fraud investigative team, and it’s something that we take very seriously,” said Maryland Auto Insurance Executive Director Al Redmer Jr. in the release. “We are going to devote even more time and attention in an effort to make sure we are engaging in best practices to reduce our exposure even more.”
Before joining Maryland Auto Insurance as executive director, Al Redmer Jr. served as Maryland’s longest tenured insurance commissioner.
“As Commissioner, I saw the financial costs that all of us pay due to the significant amount of insurance fraud that occurs every day,” he said in the release.
Claims Manager William Buck, who oversees Maryland Auto’s Special Investigations Unit, is leading the new fraud initiative. The unit will focus its efforts on identifying the most common factors found in fraudulent policy applications and claims.
The initiative will also include a focus on internal and external education. Additional training will be provided for adjusters and educational material for consumers will also be developed.
“Through our collective efforts, we will be able to put a wall up against fraudulent actors whose actions have led to increased premium costs for the public and make it difficult for us to meet our overall goal and mission of reducing the uninsured population in our state,” Buck said in the release.
Redmer indicated in the release that a point of emphasis for Maryland Auto’s fraud prevention team is to deter non-Maryland residents from obtaining Maryland Auto policies. Maryland statute requires all Maryland Auto policyholders to be residents of the state, with either a Maryland driver’s license or a vehicle registered in Maryland, the release explained.
“We have people buying Maryland Auto policies who can’t locate Maryland on a map,” Redmer added in the release. “We are going to have a laser focus on preventing non-residents from fraudulently purchasing coverage through Maryland Auto.”
Maryland Auto Insurance is a mission-driven company dedicated to reducing the number of uninsured drivers on Maryland roadways by providing accessible, affordable insurance to drivers who currently are unable to obtain coverage from standard carriers. Maryland Auto was established in 1972 by the state to protect its citizens from the risks and costs associated with uninsured driving.
Source: Maryland Auto Insurance