It seems that everywhere where we turn these days, someone is throwing an acronym at us. We have the FBI, CIA, NSA, DEA, and ATF; and let us not forget about the NGOs, LLCs, INCs, and NPOs. And individuals, well, let’s just say that I don’t have the time or computer memory to list them all. Today, we will focus on two. These are not the usual household names, and ones that many citizens may not have knowledge of but they are working for you every hour of every day. Now, let me introduce you to the NICB and SIUs.
First, let’s take a peek at the NICB, which is short for the National Insurance Crime Bureau. If you have an insurance policy of any kind with most insurance companies in the United States, the NICB is working for you. Upon recently reaching their 110th/ birthday, we can surmise that this group is not the new kid on the block. Some may ask, “what is the NICB?” The response is simple; they are a non-profit organization that is exclusively committed to fighting insurance-related crimes.
To better serve their clients, in 1992 the NICB merged with the Insurance Crime Prevention Institute, joining forces for one common purpose – suppressing insurance fraud. Since, a powerful and important organization they have become, working diligently to detect and investigate insurance fraud cases, which results in savings for consumers. Despite being a non-government organization, they work with law enforcement agencies throughout the nation to bring these white-collar criminals to justice. With over 1,200 insurance companies, car rental agencies, and vehicle finance companies as members, the NICB is a powerful and major force in deterring insurance fraud in America, and internationally.
Moving on to the second acronym, now let’s talk about SIUs, which is short for Special Investigation Units. This refers to a specialized unit that insurance companies have that is comprised of specialized investigators to review and investigate fraud cases. Many insurance companies nationally and worldwide have these talented investigators on board; most carry the title of Special Investigators. Their mission is similar to that of the NICB; to detect, deter and investigate insurance fraud cases.
Most SIU investigators are members of the International Association of Special Investigation Units (IASIU). This is an organization that is over 4000 members strong, that exists in 27 countries, worldwide. The IASIU was conceived by American insurance investigators in 1984 and has since become a major force combating fraudulent insurance offenders and illicit crime groups throughout the world.
Who are the men and women behind the NICB and SIUs? These are white-collar crime fighters dedicated to their cause, deterring insurance fraud. According to FBI statistics, insurance fraud accounts for a $308.6 billion a year loss, equating to a $400 to $700 loss per American family. SIUs are dutied with quelling the outflow of your hard-earned money to criminals.
To combat massive insurance losses, the NICB and insurance companies hire top-notch investigators to chase these criminals. These investigators are mostly prior law enforcement officials, coming from federal, state, and local agencies. Once on board, these prior lawmen/women are intensely trained about insurance policies and procedures, and work with seasoned corporate managers and attorneys. What kind of cases do they work? Organized crime groups (local and international), arsons, murders, fraudulent death investigations, staged vehicle accidents, and many more.
After personally being a member of two SIUs, I can honestly say that there is never a boring day in the life of a NICB agent, or a SIU investigator. These two organizations are mostly unknown to law-abiding citizens, but are widely recognized and loathed by the illicit perpetrators of insurance fraud offenses. For more information about these two organizations, please click on their pages from the LINK page on this website.
*Some material derived from the websites of the National Insurance Crime Bureau and the International Association of Special Investigation Units
I love reading your articles. Please post more!
Thank you, and I certainly will!