P749 - FRAUD ANALYTICS IN MOTOR INSURANCE (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.  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 motor portfolio

   Understand sources of frauds

   Understand patterns and steps to prevention

   Minimize the impact of frauds

   Use of analytics in detecting & managing motor insurance frauds

Contents

  Fraud and its impact on Motor portfolio

  Classification of frauds

  Identification of key areas and pattern of fraud

  Detection of frauds - Fraud triggers / Red flags

  Frauds in underwriting, claims

  Fraud Investigation

  Technology intervention in fraud management

  Fraud analytics - Impact on decision making

  Role of law enforcing agencies in curbing frauds 

  Creating a framework for managing frauds

  Fine tuning claims strategy

Participants Profile 

Officials handling Motor Insurance; Officials in analytics department in Head Office, Regional Offices, Motor Hubs, Operating Offices of Indian and foreign public & private sector General Insurance Companies.

Duration:       3 Days

Dates:             15.09.2022-16.09.2022