The General Insurance industry has been plagued by fraudulent claims and policies for a long time. The General Insurance Council is working at reducing fraud in the industry. To this end, many data sharing and experience sharing platforms have been enabled. It is believed that if the companies work together, it will be easier to identify and thereafter stem the frauds.
The Fraud Risk Mitigation project is a set of small actions that the industry is taking in order to prevent, identify, prove, and then take appropriate action on fraudsters.
Industry-Wide Fraud Analytics Project
The GI Council has recently embarked on creating a large scale Fraud Analytics Project for the General Insurance Industry. It is an attempt to detect fraud in the early stages by means of running high-end technological tools and analytical engines to identify patterns.
The project is expected to be run in multiple stages.
In the first stage, detailed data from the insurers will be collated and a repository will be collected.
In the next stage, Fraud Analytics will be run on the collated data to identify trends and
In the next phase, the data will also run other analytics and be expanded to not just work on fraud but in streamlining processes, standardization of techniques, the inclusion of technology at an Industry level etc.
The RFP for the creation of the data repository is currently live and can be accessed here.