KAZAKHSTAN: conference "Anti-fraud in motor insurance": the level of fraudulent payments reaches 20% of all paid claims in motor insurance

8 November 2021 — Marina MAGNAVAL
In October, a practical conference "Anti-fraud in motor insurance" was held in Almaty, during which speakers and participants discussed a number of topical issues on counteracting unfair practices in motor insurance, Allinsurance.kz reports.

The conference participants included representatives of the security services and claims settlement of insurance companies, the Agency of the Republic of Kazakhstan for Development and Regulation of the Financial Market, the State Credit Bureau, and the Insurance Payments Guarantee Fund.

The relevance of this topic for the insurance market is dictated by the fact that motor insurance in Kazakhstan is the most massive type of retail insurance, given compulsory nature of MTPL, and the level of fraudulent payments reaches, according to various estimates, 20% of all paid claims made in motor insurance.

Sergey KOZAK, Head of AUTOonline Services Development, Audatex Russia, explained to the participants experience of identifying high-risk clients and insurance fraud cases using the "VEHICLE HISTORY" tool, which allows, without changing the vehicle itself and large financial investments, to significantly reduce the loss ratio in motor insurance (based on examples of reducing loss ratio of the leading Russian motor insurers).

Nikolay VASILIEV, VAS Product Manager at IBA Group, spoke about how visual investigations help to analyze a large amount of disparate data, find hidden relationships, and make well informed decisions in time.

Sergey EFREMOV, Deputy Executive Director of the RAMI (Russian Association of Motor Insurers), presented experience of the Russian motor insurers in implementing the European Statement and building measures to combat insurance fraud, considering specifics of such claim settlement method in motor insurance.

Eduard SARGSYAN, Leading Consultant of Analytical Solutions for the Insurance Sector SAS Russia / CIS, spoke about how modern analytical technologies help to improve efficiency of countering fraud at the stage of claim settlement, what needs to be done to create an analytical Antifraud system in an insurance company, how to avoid typical risks when its implementation and maximize the result from its operation.

Alexey LAVRUSENKO, Deputy General Director for Claims Settlement of BELROSSTRAKH, spoke about the most common cross-border (Russia-Belarus) fraudulent schemes in motor insurance, as well as organization of the scoring procedure for Motor Hull insurance contracts.

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