Get rich password for flight delay: 40 yuan can pay up to 8,000 yuan in insurance, and 90% of the premium is taken away by the platform.

Wen | AI Finance and Economics Society, Jun Zexiang

Edit | Luming Literature

Flight delay, make a fortune. Recently, the police cracked a large-scale bonus hunter flight extension insurance operation.

On June 9, Nanjing Public Security Bureau announced that it had cracked an insurance fraud case that exploited the loophole of flight delay insurance. In the five years since 20 15, the criminal suspect Li has obtained more than 3 million yuan in insurance claims by accurately predicting 900 flight delays.

At present, Li has been taken compulsory measures by the police for alleged insurance fraud and ordinary fraud, and the case is under further investigation.

The premise of Li's "winning every battle" is to understand the influence of weather on flights. Nanjing police pointed out in the notice that Li has experience in aviation service and can get information about flight cancellation or delay in advance. She first selected the flights with high delay rate online, and then checked whether there was extreme weather during the flight.

After selecting the flight, Li repeatedly purchased tickets through a large number of different identities and took out a large number of insurances. It is said that Li defrauded more than 20 ID numbers, passport numbers and bank card information on the grounds of purchasing wealth management products from relatives and friends in order to maximize his income. Every time he buys a plane ticket, he has to use four or five different identities, and each identity has bought as many as 30 to 40 flight extensions.

The police revealed that a large number of paper bills were found in Li's residence for bookkeeping and flight information. The flight delay time, the insurance company insured and the amount of claims are clearly recorded. Li's computer also has several sample statements of abnormal air delay insurance, which clearly records the detailed information of his claims to major insurance companies.

According to past cases, Li is not the first person to catch the wool of an airline. In May this year, Zhongan Insurance cooperated with the Shanghai police to destroy a criminal gang of 27 people. The gang used the so-called "inside information" to buy flights that were delayed or cancelled in advance, and insured flight delay insurance for many times, making a profit of more than 20 million yuan.

20 18, Beijing dongcheng district people's court has set a precedent again. Defendants Niu Yongdong and Sun Dianlong used the loopholes in the self-service claim system of China Pacific Property Insurance Co., Ltd. to fabricate the insurance subject matter of flight delay through the Minsheng Bank credit card APP on their mobile phones, and applied for the claim payment of the insurance subject matter several times in the name of others to defraud RMB227,200.

40 yuan's premium payment can be up to 8000 yuan.

The earliest flight extension insurance in China can be traced back to 2006. China Eastern Airlines designed this product in the credit card jointly issued with China Construction Bank. But at that time, passengers didn't know enough about air delay, and this product didn't attract enough attention.

20 12 Spring Airlines and Volkswagen Insurance Company launched the first flight delay insurance in China, which was sold directly in official website during the Spring Festival. This kind of flight delay compensation insurance in 20 yuan is 20 times that in payout ratio. Regardless of weather, mechanical failure and flow control, as long as it is not the guest's own fault, if the departure is delayed for more than 3 hours, 400 yuan will be compensated. If the flight is cancelled, you can get compensation from 300 yuan.

In 6 days, this product sold 1.2 million copies. After this battle, domestic airlines and insurance companies have entered the market one after another, and payout ratio, which is in danger of air delay, continues to be high.

Wang told Ai Caijing, director of the Insurance Research Center of Beijing Technology and Business University, that there are two important reasons why the Wool Party pays attention to flight extension. One is that its payout ratio is high, and the other is that individual insurance companies do not strictly regulate the claim settlement process and check the actual flight evidence such as boarding passes.

It is understood that the premium for purchasing an insurance policy is around 40 yuan, and the amount paid by the insurance company varies from 400 yuan to 2,000 yuan due to aircraft delay. If the delay is long, the compensation cost can even reach 7000-8000 yuan.

Wang said that from this case, it can be seen that there are great problems in the claims process of some insurance companies, and they have not verified whether the passengers have registered, uploaded their boarding passes or actually taken this flight. "From this incident, insurance companies should be worthy of reflection. If they are in place, then those who exploit the loopholes will have no chance, and flies will not bite seamless eggs. "

90% of the revenue is returned to the navigation platform.

Zhao, a senior industry analyst at the Water Drop Insurance Research Institute, told AI Finance and Economics that insurance companies mainly want to make a difference in the traffic end when they enter the flight extension insurance. However, since the development of the flight extension insurance, insurance companies have been kidnapped by the flight extension platform. This highly scene-oriented product is generally sold by insurance companies themselves, and there is not much right to speak to compete with airlines. Usually, the handling fee is extremely high, and 80% or even 90% of the income is given to the platform. It is a tasteless product and it is a pity to abandon it, so the operation is very extensive.

Zhao said that from the basic logic, the risk of flight delay insurance is absolutely controllable. As long as the flight take-off and landing information is retrieved in real time, the risk can be controlled to the greatest extent.

Zhao pointed out that in terms of the amount, insurance fraud in Nanjing may not be as simple as everyone looks, but more like an insurance fraud industry chain in which policyholders and claimants collude with each other.

According to Zhao, this is a common phenomenon. Some airline bloggers will openly sell "wealth management products" based on the extended warranty of airlines through their influence, and the income is obtained by paying the extended warranty of airlines, which is a variety of loopholes caused by the extensive management of insurance companies.

Zhao said that after the case was disclosed by the police, several aviation bloggers he knew deleted the relevant news. "This kind of fraudulent insurance industry chain is very common. In the past, when the auto insurance market was good, Beijing even had a studio dedicated to forging the scene of the car accident, and the scenes taken were completely confusing. " Zhao said to him.

As early as 20 12, the Beijing News had exposed the case that Beijing relied on "professional crash" to defraud insurance. Some auto mechanics tried to crash cars into telephone poles, and even made some fake rear-end accidents to defraud insurance companies of compensation.