Underwriting employee dishonesty is fairly simple. A few basic loss controls prevent almost all losses. Unfortunately, far too many employers are simply stupid and don’t protect themselves.
Speaking of stupid, who expects her to pay this all back. If she was thrown in jail for several years without the money being a concern, that would send a much stiffer message to potential embezzlers. But hey, a quarter of 1% fine makes up for it.
Bill, you’re not making sense. So throwing her in jail and not asking her to pay it back is much stiffer and sends a strong message to other future embezzlers? How? Your way would promote it. ‘Hey, I’ll steal a million dollars and then hide it and go to jail for 10 years and come out and collect it plus interest.’ Doesn’t make much sense does it Bill? What they did was right on.
Embezzlement happens. I own a long-haired mut, who I should’ve named Houdini. He can outfox a fox and accomplish liberty. He’s that good. Humans can outfox safeguards. It’s happened to me twice as an agency owner. I am out of $3500 the first time; $37,000 the second time. Prosecuting the thieves is nearly next to impossible and one faces a great of pain and agony making the case and the risk of slander and libel. Go figure. I am now out of the insurance business. What did the Unitrin bandit do with such huge sum of money? Good, honest, decent, hard working help for a small agency can afford is very difficult to find. But Unitrin has a greater capability of catching the thieves. However, I wonder. I quoted a trucking firm with Unitrin, with about 10 tractor trailers that hauled gravel, for approx $55k annual premium. It was placed by another agent with Unitrin with the exact coverage for approx $9k. I was practically called a crook. When I reported it the Marketing rep, I was told something was to be done. A year later I approached the same trucking firm for a comparison. Yes, they were still with Unitrin. Maybe, because I am merely speculating and am unsure, at the time, Unitrin did not have an adequate Loss Control or investigative unit. There has to be a viable reason why the adjuster got away with so much. What’s your opinion?
Another employee & I became suspicious & reported some incidences in 2004-5. Our warnings fell on deaf ears. We told you so. Proves upper management pays little attention to it’s employees–well- meaning or not!
Aren’t insurance adjustors bonded? And since she was convicted there should be a way of collecting some of the money from the bond company. And if she wasn’t bonded, maybe this will wake up Unitrin to require it.
Maybe if Insurance Companys actually paid claims people decently, and probably more importantly treated them like valued members of the team instead of replaceable cattle, thefts like this wouldn’t happen. Wait! They already do that for producers, yet there are more instances of embezzlement and theft by agents then by adjusters. Is there more greed or dishonesty in the agent ranks then with adjusters????
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It’s incredible to think that an employee could steal that much money from Initrin. Were no audit controls in place?
Underwriting employee dishonesty is fairly simple. A few basic loss controls prevent almost all losses. Unfortunately, far too many employers are simply stupid and don’t protect themselves.
Speaking of stupid, who expects her to pay this all back. If she was thrown in jail for several years without the money being a concern, that would send a much stiffer message to potential embezzlers. But hey, a quarter of 1% fine makes up for it.
Bill, you’re not making sense. So throwing her in jail and not asking her to pay it back is much stiffer and sends a strong message to other future embezzlers? How? Your way would promote it. ‘Hey, I’ll steal a million dollars and then hide it and go to jail for 10 years and come out and collect it plus interest.’ Doesn’t make much sense does it Bill? What they did was right on.
Soon, after she arrives at her Federal destination, she will affectionaly become known as “Bubbette” and it won’t be envelopes that she is licking.
Read the last sentence again. She has to pay the full amount back to Unitrin and a $3000. fine.
Embezzlement happens. I own a long-haired mut, who I should’ve named Houdini. He can outfox a fox and accomplish liberty. He’s that good. Humans can outfox safeguards. It’s happened to me twice as an agency owner. I am out of $3500 the first time; $37,000 the second time. Prosecuting the thieves is nearly next to impossible and one faces a great of pain and agony making the case and the risk of slander and libel. Go figure. I am now out of the insurance business. What did the Unitrin bandit do with such huge sum of money? Good, honest, decent, hard working help for a small agency can afford is very difficult to find. But Unitrin has a greater capability of catching the thieves. However, I wonder. I quoted a trucking firm with Unitrin, with about 10 tractor trailers that hauled gravel, for approx $55k annual premium. It was placed by another agent with Unitrin with the exact coverage for approx $9k. I was practically called a crook. When I reported it the Marketing rep, I was told something was to be done. A year later I approached the same trucking firm for a comparison. Yes, they were still with Unitrin. Maybe, because I am merely speculating and am unsure, at the time, Unitrin did not have an adequate Loss Control or investigative unit. There has to be a viable reason why the adjuster got away with so much. What’s your opinion?
Another employee & I became suspicious & reported some incidences in 2004-5. Our warnings fell on deaf ears. We told you so. Proves upper management pays little attention to it’s employees–well- meaning or not!
Aren’t insurance adjustors bonded? And since she was convicted there should be a way of collecting some of the money from the bond company. And if she wasn’t bonded, maybe this will wake up Unitrin to require it.
Maybe if Insurance Companys actually paid claims people decently, and probably more importantly treated them like valued members of the team instead of replaceable cattle, thefts like this wouldn’t happen. Wait! They already do that for producers, yet there are more instances of embezzlement and theft by agents then by adjusters. Is there more greed or dishonesty in the agent ranks then with adjusters????