Insurance Fraud Summit 2017
Combatting Insurance Fraud in the Digital Age
The Insurance Fraud Bureau of Australia (IFBA) estimates that 8-9% of all insurance claims may be fraudulent, costing Australians more than A$2 billion (US$1.53 billion) every year.* *(Source: Asian Insurance Review)
This may be only the tip of the iceberg, as it’s estimated about 45% of insurance fraud goes undetected.
The implications are far reaching, leading to increasing costs and rising premiums. On the other hand as technology continues to evolve, opportunities to detect and prevent fraud improve. The Insurance Fraud Summit is being developed to build resilience in the insurance sector by improving detection and prevention strategies, whilst setting up protection mechanisms against the next generation of fraud threats.
The only one of its kind in the region, the programme will highlight trends and challenge across all lines of insurance including workers compensation, travel insurances, public liability, CTP and others. It will also delve into the impact of technology and data analytics on prevention and detection of fraud, collaborating with law enforcement, empowering employees for fraud prevention, navigating regulatory change and targeting organized crime syndicates. The event aims to provide a holistic overview of insurance fraud prevention with insights from heads of fraud, risk and investigations from insurance, law enforcement, regulators and government.