P128 - INSURANCE FRAUDS MANAGEMENT (NON-LIFE)

 Background

Globally insurance frauds is a major challenge for insurers. Left unchecked it can distort profitability of insurers and also increase insurance prices causing significant consumer detriment. Ultimately this can adversely affect the competitive position of players. Frauds can exist at various points of the insurance value chain. It is also deeply linked to the operational risk profile of insurers.

The estimated value of insurance frauds in India for Life and General Insurance combined is more than 20,000 crore. Health and motor insurance frauds accounts for a major share of claims outgo, thereby impacting the bottom line of insurance companies. It is therefore imperative for insurers to have a robust fraud management system covering the entire insurance value chain.

Objectives 

This programme aims to facilitate the participants to

  Gain insight into fraud and its implication for various lines of business

  Understand types of frauds

  Understand sources of frauds

  Identify frauds patterns & triggers

  Better manage fraud

Contents

         Regulations in fraud management

         Fraud and its impact on underwriting, money laundering, post-claims, etc.

         Identification of key areas and pattern of fraud

         Various stages susceptible to frauds

         Means of detection of frauds - Fraud triggers / Red flags

         Technology tools for fraud management

         Fraud Investigation

         Changes in product design / policy wording for fraud reduction

         Creating a framework for managing frauds

         Fine tuning claims strategy

Participants Profile 

Officials handling underwriting, claims of different lines of business in Head Office, Regional Offices, Operating Offices of Indian and foreign public & private sector General Insurance Companies

Duration:       3 days

Dates:             22.08.2022-24.08.2022