Many people are unaware of the ability of insurance companies and insurance providers to detect fraud in disability claims as they are legally permitted to monitor and investigate on such claims. Thus, the fact that many people are still trying to fake their disabilities and accidents just to be able to qualify for a disability claim and be entitled to the benefits of the insurance coverage saddens insurance tycoons like Samuel J. Foti, President and COO of The MONY Group Inc.
With many years of experience in the field of insurance, finance and business, Mr. Foti was able to observe both the behaviors of insurance companies and the customers. He is not new to the fraudulent claims of those who are desperate to get a hold of some money especially nowadays that more and more people are feeling the effects of the economy’s constant struggle against recession and crises.
On the other hand, Samuel Foti also became concerned about the ethical behavior of the insurance organizations as decisions that involve some ethical implications are made unsystematically by insurance companies daily and that it is just fortunate that most of these decisions worked out in the end. Mr. Foti’s expression of concern about some people in the insurance industry making decisions that are sometimes not based on their company’s values, stirred the thoughts of other people in the insurance business in the 2001 Ethics Forum which lead to the discussion of how companies should avoid what Mr. Foti referred to as an undesirable business.