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The Hindu
24-07-2025
- Business
- The Hindu
Driving with a fake insurance policy? Here's how to check genuineness before it's too late
The story so far: Earlier this year, Telangana police uncovered two major fake vehicle insurance rackets operating out of Shamshabad and Shabad in Hyderabad. Seven unauthorised agents were arrested and several forged policies under the name of trusted insurers including Reliance General, Bajaj Allianz, HDFC Ergo, ICICI Lombard, and Tata AIG were seized. Investigations revealed that these operations had been active for at least three years, targeting thousands of commercial vehicle owners. The scam has since spread, with new cases surfacing in Devanpally, Gandhari, and Kamareddy. As demand for motor insurance grows, the problem is only deepening, with cases being reported in Tamil Nadu, Kerala, Madhya Pradesh, Rajasthan, and Gujarat. Telangana alone is reporting at least ten fake policy cases every month. Worse, experts suggest that over 50,000 counterfeit policies are already in circulation across the Telugu-speaking states. Many vehicle owners are discovering too late that their insurance policy is invalid, offering no protection in the event of an accident, injury, or claim. Why are so many individuals falling prey to fake vehicle insurance policies? In the rush to meet registration deadlines or renew lapsed policies quickly, many vehicle owners—especially commercial vehicle owners—end up trusting unauthorised agents, roadside offices, or flashy online deals. A key attraction is the promise of ultra-low premiums, which appeals to cost-conscious customers trying to meet mandatory insurance requirements without spending much. The offer: instant documentation at a bargain price. The reality: people were sold forged policy documents with no legal backing. Fraudsters take advantage of urgency, limited awareness, and misplaced trust, often issuing fake receipts and counterfeit documents that appear legitimate at first glance. How can an individual verify whether a vehicle insurance policy is genuine or not? There are several ways to verify the authenticity of a policy. The most direct approach is to visit the official website of the insurer and use the 'Policy Verification' or 'Customer Portal' feature to input the policy number or vehicle details. Most modern policies also include a QR code—scanning it with a smartphone should redirect the individual to the insurer's digital records. For full confirmation, it is advisable to contact the insurance company's official customer service via phone or email. If the policy details are not found in the insurer's database, it is a clear sign that the document is fraudulent. What warning signs should a customer look out for when buying vehicle insurance? Red flags include agents who demand cash payments, promise immediate policy issuance without any documentation, or fail to provide official receipts. Genuine insurance policies come with digital confirmation, verifiable receipts, and mandatory Know Your Customer (KYC) compliance. Payments should always be made through secure channels such as credit/debit cards, UPI, or bank transfers to ensure a traceable transaction. Avoid clicking on WhatsApp links or purchasing from unknown websites. It is advisable to ask for agent's IRDAI registration number—and verify it online if needed. What is the safest method for purchasing a vehicle insurance policy? The safest route is to purchase insurance directly from the insurer's official website or through IRDAI-authorised agents and brokers. Government websites like the IRDAI ( or the Vahan portal can help verify agent credentials and track insurance status. The customer must ensure that the policy is issued in their name with accurate KYC details, which serve as a critical legal safeguard. What are the consequences if an individual holds a fake vehicle insurance policy? Possessing a fake policy is equivalent to having no insurance at all. In the event of a road accident, the individual will not receive any compensation for vehicle damage, medical expenses or liability coverage if someone else is hurt. In severe cases involving injury or death, the absence of a valid insurance policy can lead to prolonged legal battles, financial hardship, or even criminal charges for driving without valid insurance. What steps should be taken if someone discovers that their policy is fraudulent? Immediate action is the key. The individual should immediately contact the insurer for verification and report the issue to IRDAI's grievance redressal system and the local police or cybercrime cell. It is also important to inform the Regional Transport Office (RTO) if the policy was used for registration. All payment receipts and communication with the agent should be retained to support legal proceedings or refund claims. What are insurance companies doing to tackle fake vehicle insurance policies? To combat rising fraud, insurers have ramped up their fraud detection systems, including the introduction of QR codes on policies and KYC verification via mobile number for quick authenticity checks. Customers can also verify their policies via dedicated online portals by entering the policy number. Companies are collaborating with RTOs and local police to fast-track fraud detection and case resolution, while also conducting awareness drives. Regular email alerts and educational resources are also being sent to policyholders to highlight red flags and provide fraud prevention tips.
Yahoo
19-07-2025
- Business
- Yahoo
FM Global to set up innovation centre in Bengaluru, India
FM Global, a US-based commercial property insurer, plans to open its largest innovation centre outside of the US in Bengaluru, India, along with a sales office in Mumbai, during the second half of this year. With its key operations located in Bengaluru, the upcoming innovation centre is anticipated to commence in October 2025. This centre will enhance support for its Asia-Pacific regional operations and strengthen global capabilities in technology, business operations, and analytics. In India, FM Global functions as a reinsurer, collaborating with primary insurers like HDFC Ergo and ICICI Lombard. The new facilities will expand the company's presence in India. Srinivasan Krishnamurthy, senior vice-president, FM India, said, 'We are significantly expanding and doubling down on our investment in India along multiple dimensions. We are building on our existing footprint in Bengaluru. After evaluating different locations, it was clear that Bengaluru's innovation ecosystem is the most vibrant. There is also a broad availability of STEM talent here.' Krishnamurthy added, 'A client experience centre will be co-located with our Bengaluru centre through which we intend to showcase to prospective employees and clients in India and the region, about how they can benefit from our loss-prevention expertise.' The process of hiring for technology and business operations roles has been initiated, with positions such as product owners, data engineers, platform engineers, software engineers, and business operations specialists already being filled. The organisation reported worldwide revenues of approximately $11b in the previous year, and it maintains a presence in roughly 149 countries. It has 50 offices across the globe and employs a total of 6,000 individuals, including 2,000 engineers. "FM Global to set up innovation centre in Bengaluru, India" was originally created and published by Investment Monitor, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Time of India
25-05-2025
- Time of India
Karnataka high court rejects insurer's appeal, directs it to pay 70% of revised compensation amount
Bengaluru: In a striking verdict that underscores the significance of solid evidence in legal matters, Karnataka high court has directed an insurance company to pay 70 per cent of the revised compensation in a fatal accident case, involving a parked lorry and a young motorcyclist. "Merely making allegations without substantiating the same with cogent evidence would not serve the purpose," observed the division bench, comprising Justices KS Mudagal and MGS Kamal. The tragic case revolves around 23-year-old Bipin from Bengaluru, who lost his life on March 6, 2016. At 1.45am, he was riding his motorbike near a railway bridge on Bengaluru-Ballari main road when he collided with a lorry parked along the road. A second, unidentified vehicle then struck him, resulting in fatal injuries. Bipin's parents, N Nagesh and Vedavati Bai, sought Rs 2 crore in compensation. In 2018, the tribunal awarded them Rs 9,74,000 with 6% interest, placing the blame squarely on the negligent parking of the lorry. Insurance company HDFC Ergo, however, challenged the order. The insurer argued the policy commenced only on March 7, 2016 — a day after the accident — and labelled the policy document produced by the claimants as "fraudulent." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Write Better, Work Smarter With This Desktop App Grammarly Install Now Undo The bereaved parents also appealed, contesting the tribunal's decision to consider Bipin's monthly income as only Rs 9,000. The high court, however, found no documentary evidence to support the parents' income claim and relied instead on Karnataka State Legal Services Authority's chart that pegged the notional income at Rs 9,500 for 2016. Crucially, the insurer also failed to back up its serious claim about a fraudulent policy. "Since the respondent-insurance company has taken a specific and serious stand of the lorry owner obtaining a fake policy, it ought to have discharged the burden in the manner known to law," the judges stressed. Maintaining the tribunal's finding that the lorry driver was 70 per cent at fault, while the remaining 30 per cent was of the unidentified vehicle, the high court revised the compensation amount to Rs 15,79,400. The insurance company has been ordered to pay Rs 11,05,580, enhancing the compensation by Rs 1,31,580.
