NATIONAL INSURANCE ACADEMY

PUNE

P832 – PROGRAMME ON INSURANCE FRAUD DETECTION

FOR ZO FMC MEMBERS. (LIC)

(2023-24)

Background:

Of late, the financial sector has been witnessing an increasing number of frauds leading to losses to companies to the tune of thousands of crores of rupees.  The frauds perpetrated have also undergone changes in tune with changes in character of the society, attitude of the people, improvement in technology, etc. Cyber Crime has gained much ascendance in the last few years.  Insurance Sector is no exemption to the frauds that have taken place in the financial sector.

These frauds have raised serious concerns on Corporate Governance, Business Ethics, Auditor’s role, Regulator’s role etc. Anti-Fraud Policy of LIC has defined the roles and functions of various authorities in the organisation.

To provide a 360 degree view of the Insurance Fraud Scenario globally and locally as well as the strategies needed to mitigate the fraud risks regular interaction and up dation on the issues related to it is needed.

Objectives

       Ø  To increase the awareness of ZO FMC officials about Growing Insurance Frauds

Ø  To sensitize them about the Corporate & Regulatory measures prescribed in Fraud Mitigation.

Ø  Learning to assess fraud risk.

Ø  To learn about The Anti-fraud policy for regular and e-commerce.

Ø  To learn about IRDAI Corporate Governance guidelines.

  Contents:

Ø  Global scenario in Life Insurance Frauds

Ø  FMC role in current scenario

Ø  Potential areas of fraud in Life Insurance

Ø  Ways to detect the same.

Ø  Fraud prevention mechanism

Ø  Forensic Audit,

Ø  Cyber Frauds and tools to detect it including Data Vigilance.

Ø  Introduction to Cyber laws and Cybercrime

Ø  Anti-Fraud Policy of LIC

Ø  Whistle blower policy & Integrity Pact

Ø  ERM

Ø  IRDAI Corporate Governance guidelines

Ø  Anti- Fraud policies of other Life Insurance Companies in India

Ø  Case studies and group discussion

Participants Profile-

 Fraud Monitoring Committee Members of the Zonal Offices. Nominations to be done by Zonal HRD.

Duration-    3 days

Dates:          04.10.2023-06.10.2023