Insurance fraud investigators are responsible for probing potential cases of insurance fraud, which include investigating fake injuries, fake automobile accidents, theft fraud, arson for profit, etc. Responsibilities of insurance fraud investigation jobs also include gathering evidences, identifying fraud related cases, and conducting criminal investigations. As an insurance fraud investigator, you must also make arrests, prepare comprehensive written reports, work with informants, interview witnesses, check financial records, create reports, etc. The working hours will be unusual and you need to travel throughout the state.
Necessary Skills
You can become a successful insurance fraud investigator if you have a calm and professional attitude. You must be honest and be able to work under stress. High attention for details, ability to work with a team, high negotiation skills, competent computer abilities, good analytical skills, etc are the other skills needed for an insurance fraud investigator.
Education Requirements
If you want to become an insurance fraud investigator, you must have a 4-year college degree in criminal justice, police science, administration of justice, criminology, or law enforcement. A bachelor degree in criminal justice is enough for getting entry level insurance fraud investigation jobs. The coursework include:
* Criminal investigation,
* Research methods in criminal justice,
* Ethics in criminal justice,
* Criminology, etc.
If you are enrolling in certificate program for becoming a private investigator in the field of insurance, you need to learn topics such as crime scene investigation, surveillance equipment and method, multimedia research, legal systems, interviewing techniques, etc. After the successful completion of the course, you can work as a detective, insurance adjuster, collection specialist, or private investigator in various fields like social services, government, law and insurance.
Bachelor degree in risk management and insurance empower you to analyze financial losses. As a part of the course, you need to learn to assess potential claims and investigate it. You will also get training for interviewing, negotiating and creating reports. You can select some specific areas such as auto insurance, life insurance, and medical insurance. The topics of bachelor degree in risk management and insurance include:
* Financial risk management,
* Retirement planning,
* Employee benefits,
* Claims investigation and adjustment,
* Insurance types and options, etc.
After earning this degree, you can work as insurance agent, claims adjuster, insurance underwriter, or insurance fraud investigator. If you want to become a certified insurance fraud investigator, you must appear for an examination, which is conducted by IASIU.
As per Bureau of Labor Statistics, insurance fraud investigation jobs are expected to grow around 7% through 2018. Even though there is an upward trend in claims, the time needed for investigation will decrease due to rapid information flow. As per the May 2009 report of BLS, annual salary for insurance fraud investigation jobs was $58,780. You can also enjoy some benefits such as medical and dental insurance, vehicle and expense reimbursement, paid personal time off, military leave, continuing education, retirement plan, long term disability and life insurance, etc.
Insurance fraud investigators are most tempting in insurance industry, but this is not an easy task. This job also includes time tracking, surveillance, documentation of all observations and finding during investigation, etc. You can use voice recording or video recording device, digital camera, etc in your investigation. You must be self directed, motivated and eager to tackle challenges.

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