Mark Harrop Business Development Manager

Jun 03

Michigan Vet latest to be unseated in attempt to jump insurance industry

The latest case of a US vet forging insurance documents in an attempt to earn herself a fraudulent insurance claim, was brought before a Michigan court earlier this month; as her guilty verdict was read out by the jury it symbolised another victory for insurance companies as they seek to crack down on fraud and other losses, in an attempt to clean up the pet market and at the same time make it more profitable. As the battle between fraudsters and insurers continues, Aquarium Software Inc. has the perfect armour to protect the industry against would be felons.
The vet forged a range of documents dated after the horse had already been euthanized - including a fake bill of sale which valued the horse at a hugely inflated $35,000, when her horse was only actually bought for $4,500; and whilst her old horse was also traded in at a value of $8,500 as part of the sale, and allowing for vets fees, the overall transaction would only have been worth $25,000. The documents also featured what appeared to be a copy of the previous owner’s signatures. Aquarium software inc. believes that this is just one instance of wrongfully claimed insurance, and more vets could be abusing their positions of absolute trust.
“Vets have a greater amount of power than the regular claimants and tend to feature prominently on the fraudulent claims landscape,” said Mark Colonnese, VP Sales & Marketing. “As insurers seek to offer their services to a wider audience, keeping on top of fraudulent claims is just one problem when it comes to keeping the industry profitable for the insurer, yet affordable for the consumer and our software can play a significant role in ensuring this is the case.”
There has been a number of high profile cases of insurance fraud in the US – in 2008, a horse owner in Alabama shot her own horse and burnt down its stable in an attempt to claim $100,000 for the property and $25,000 for the animal. There have also been cases where other pet owners have maimed or injured their own animals to make wrongful claims. When taking into account the already high vets’ fees that are now being charged as a result of revolutionary medical treatments, fraud can become a thorn in the side of insurers and consumers as contributes to the industry as a needless, yet often unavoidable loss.

“Only 1% of the pet owner population in the US insure their pets, which is a miniscule number when compared to other countries - most notably the UK where 18% of pets are insured. We believe that our software can make pet plans more affordable by tracking fraud and therefore attracting more customers to buy pet cover due to reducing premiums,” Mark concluded.