The Role of Forensic Accounting in Insurance Claims

The Role of Forensic Accounting in Insurance ClaimsInsurance claims are happening all the time.

In fact, according to the ABI (Associate of British Insurers) Key Insurance Facts Guide, the UK insurance industry is the third largest in the world – and the largest in Europe.

From a claimant’s perspective – it could be that the desire to get insurance claims dealt with quickly and as pain free as possible is usually top on the priority list. After all – as a claimant, you’ve probably encountered some kind of misfortune; a burglary, a robbery, a flood, a fire – perhaps an accident or some other form of personal injury – or even commercial fraud.

Given the range of scenarios impacting insurance claims – and many being focused on a case by case basis – unfortunately, for most insurers and claimants – ascertaining the worth or value of a claim – and coming to a fair justifiable financial sum for settlement , can prove to be anything but simple. Coupled with the process of registering a claim, gathering and providing evidence and waiting on a response – making an insurance claim is often seen as daunting.

This is where an experienced forensic accountant can be critical for resolving matters – quickly and efficiently. Experienced forensic accountants really understand all the paperwork and processes presented by insurers. And even if all the supporting evidence isn’t to hand (it could have been lost in a fire or flood for example) – and some of the facts are missing, forensic accounting experts are able to build a case, using their forensic expertise to develop reasonable conclusions.

If you’re in doubt about the value Forensic Accounting can bring to insurance claims of any kind – view some of our case studies. And if you’d like to discuss any claims with us – simply get in touch.

If you’re looking for advice in any aspect of forensic accountancy, then do get in touch via TwitterGoogle+, LinkedIn or by visiting our website

By Vitek Frenkel – find me via Google+

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