Improved detection systems and processes make sure that insurance companies are more capable of detecting fraud. For every thousand insured persons, an average of three are caught for committing fraud concerning an insurance product. In 2015, almost 10% more fraud was detected and proved while 15% less investigations were conducted.
Research shows that when fraudsters commit fraud at one insurer, they usually repeat the same trick at an average of four other insurers. If and insurer is affected by a fraudsters, the chances are high other insurers are confronted with the same act. By gathering more and better data, patterns could be identified. This applies to both insurance risk in general but also patterns concerning insurance fraud.
A good example in this respect comes from Malta, with FRISS having a significant contribution in implementing an effective market solution. The case was detected by a group of insurers, when they figured that certain claims submitted by the same persons at several insurance companies. Court proceedings took place against 22 persons for allegations of their involvement in a massive case of insurance fraud. Exchange of vehicles, repeated claims with different insurance companies and carefully staged traffic accidents were among the complex methods employed by the people involved. Details about this case, as well as some of the conclusions drawn from it with regard the opportunities that insurers have to better fight fraud in a commin action will be discussed at IIF 2016 - "Motor Insurance - the road towards profitability" (April 17-19, Istanbul).
IIF 2016 - "MOTOR INSURANCE - The road towards profitability" is organized by XPRIMM and Istanbul Underwriting Center, with the special support of the Insurance Association of Turkey. VIG, JLT Re and TRUST Re are the event's partners.
Download the forum's brochure to find out everything you need to know about "IIF 2016 - MOTOR INSURANCE, the road towards profitability"
For additional information and registration, click here.
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