Higher Premiums as Car Insurance Firms sell Personal Details
Motorists face higher premiums as personal injury claims rise – partly due to insurance companies selling personal details to lawyers and firms specialising in accident claims.
Car insurance is expensive enough, so most motorists won’t be amused to learn why they’ve been paying higher premiums – despite a fall in the number of road traffic accidents that result in personal injury.
The reason is that the cost of personal injury claims has doubled over the last decade from £7 billion to £14 billion – aided by the insurance companies themselves, who have been selling on clients’ personal details to lawyers and firms specialising in accident claims.
The referrals can earn the insurance companies between £200 and £1,000 each, but the increased number of personal injury claims are expensive – and the costs are passed on to car insurance policy holders as higher premiums.
Car insurance scandalWorryingly, many of the payouts are for whiplash injuries, which can’t be detected by scans or X-rays – opening the door to potentially fraudulent claims. The figures certainly seem to be out of kilter when you realise the insurance industry pays out £2 billion annually for whiplash injuries while the NHS spends only £8 million treating them.
The scandal was uncovered by former Justice Secretary Jack Straw, who said on Radio 4’s Today programme that a friend had been bombarded with texts and calls from an accident claims specialist. They had been advised to claim for a whiplash injury – even though they had not suffered whiplash in the minor accident they’d been involved in.
As a result of a probe into industry practices, Mr Straw discovered that car insurance companies weren’t the only ones selling on details of people who’d been involved in accidents – even the police and hospitals have been cashing in on referral fees.
More expensive car insurance premiumsThe result is more expensive premiums in areas where personal injury claims are most common – putting honest motorists at a significant disadvantage. “It is the economics of a madhouse, where the law-abiding public is penalised,” said Mr Straw.
The Association of British Insurers’ Director General Insurance and Health Nick Starling said: “We are pleased that Jack Straw has joined our call for referral fees to be banned.
“It is not right that people take cash for tipping off lawyers about accidents which fuel personal injury claims, driving up costs for all motorists.
Financial Services Referral In United Kingdom - News
The ABI does not collect records of referral fee income and most individual insurers hide them in a larger pot but as part of its 2010 UK car insurance results, Admiral, which does not include a breakdown of the amount earned from referral fees,
Bibby Financial Services is a subsidiary of a Bibby Line Group, which was established in 1807 and is a privately held company based in the United Kingdom. Safe Harbor Statement under the Private securities Litigation Reform Act of 1995: The statements
We have also integrated a concept of offering UK£ 200 for any referral claims from our existing clients over their claim settlements. This enables us to offer competitive as well as professional solutions on account of any claim-related needs.
both new and existing customers within the UK and Ireland - as well as the potential of international opportunities in the near future." The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA).
Finance and projects division head Richard Papworth adds: “Last year was much better work-wise, with strong contributions across the financial services sector and the main UK banks in particular. Activity levels were up and we built market share in a
InoLife Technologies, Inc. Signs Referral Agreement With Bibby ...
InoLife Technologies, Inc. Signs Referral Agreement With Bibby Financial Services
RALEIGH, N.C. and CHICAGO, June 15, 2011 (GreatStocks.info) — InoLife Technologies, Inc. (OTCBB: INOL ), a service based healthcare products development, integration and marketing company, has announced that Bibby Financial Services, a market leader in accounts receivable financing, has provided the company with the ability to introduce Bibby as a source for factoring for its resellers.
Under the terms of the agreement, Bibby will review the viability of extending credit to InoLife customers that resell the company’s DNA-based products. InoLife’s products provide individuals with meaningful information about genetic makeup and predisposition to certain diseases and ancestry.
“Through our relationship with Bibby, we are reaching out to the medical community’s resellers who want to purchase our products,” said Gary Berthold, CEO of InoLife. “With Bibby’s Agreement, customers can have the working capital needed without having to borrow or tie up their business and/or personal assets.”
“Factoring plays a vital role for any company that wants to grow quickly,” said Sean Lelchuk, Vice President of Bibby Financial Services. “It’s a great source of capital and provides the liquidity a small- to mid-sized reseller needs. Because InoLife is rapidly expanding its business, the company needs a flexible firm to finance its resellers’ orders,” said Lelchuk.
Under the terms of the Agreement, Bibby will provide resellers a credit facility up to $5,000,000, subject to credit review by the firm.
About InoLife Technologies, Inc.
InoLife Technologies, Inc. is a leader in the development and marketing of state-of-the-art DNA Testing products within the US. The Company’s mission is to aggressively identify, develop and deliver innovative and affordable healthcare products and services directly to the marketplace. By targeting cutting-edge DNA-based testing and reporting methodologies, the Company is able to significantly benefit the health and wellness needs of both individuals and their healthcare providers.
InoLife Technologies, Inc. has developed a range of products that will be sold directly to consumers through e-commerce, direct sales, pharmacies, retailers, distributors and healthcare providers. It also offers products that are sold only to physicians, hospitals, outpatient facilities and others in the medical community for use with their patients.
Financial Services Referral In United Kingdom - Bookshelf
Post offices - securing their future, eighth report of session 2008-09, Vol. 2: Oral and written evidence
Sub-postmaster's Income from Financial Service Products Referrals — Request ... in the United Kingdom, 31 2 use the Post Office for at least one service. ...Health Economics, Theories, Insights, and Industry Studies
The structure of production in the United Kingdom now largely takes place in the ... Physician Choice and Referral Practices Important differences in the ...Social assistance in Australia, Finland, Sweden and the United Kingdom
The keys to effective social assistance within a social service framework ... administered in Australia and the United Kingdom highlights this strength. ...The new Netherlands financial services complaints tribunal (KiFiD), complaints settlement in the financial services market in the Netherlands
3.2 Financial Ombudsman Service (United Kingdom)273 3.2.1 Insurance Ombudsman Bureau ... the Insurance Ombudsman mentioned a referral case submitted to him, ...Implementing health sector reform in Central Asia, papers from a health policy seminar held in Ashgabat, Turkmenistan in June, 1996
In industrial countries such as the United Kingdom and the United States, ... adequate referral and emergency services must be put in place, and financial ...Detect Articles Directory
Financial Adviser IFA Compliance Services Referrals
Financial Adviser IFA Compliance Services Referrals: Advisers United Services for Financial Advisers
..::! loan officer referral in united kingdom !::..
loan officer referral in united kingdom. Lots Her A financial services, and arrive at ... Getting online is in all you want to anti aging arena that becomes ...
DLA Piper | United Kingdom | Local Services | Financial Services
In the UK, the Financial Services and Markets Act 2000 ("FSMA") created tough new powers ... referrals to the Financial Services and Markets Tribunal. Warning, ...
United Kingdom Lawyer, Attorney and Law Firm Referral List
This list contains United Kingdom Lawyers, Attorneys and Law Firms websites that may be useful if you are searching for these professionals in the United Kingdom.
Introduce to Us - Referral Scheme - Outsource Financial ...
Referral Scheme: Introduce to Us: Outsource Financial Advice - Advisers Working With Fellow Advisers ... and regulated in the United Kingdom by the Financial Services Authority. ...