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5 Issues Impacting the Insurance Industry & How to Solve Them
Fraudulent insurance claims cost Australian’s over $2 billion a year, with 45% of insurance fraud still going undetected. To combat this the inaugural Insurance Fraud Summit delves into 5 key issues impacting the industry and solutions to solve them.
Developing Rules and Algorithms to Prevent and Detect Fraud
Ahead of Insurance Fraud 2017 we chat with Michael Douman, Head of Business and Clinical Analysis at Bupa Insurance. Michael explores how Bupa is preparing for the next generation of threats through rules based algorithms and analytics that are helping to detect, and even prevent fraud.
Strategies to Detect and Prevent Fraud
Ahead of Insurance Fraud 2017 we chat with Kevin Walsh, Investigations Manager at Chubb. Kevin discusses some of Chubb Insurance counter fraud strategies to detect, investigate and prevent fraud through analytics and his regular interactive training with all front line claims staff.
Reforming the soft tissue injury claims process
The Ministry of Justice consultation paper 'Reforming the Soft Tissue Injury Claims Process' reaches its deadline for feedback on Friday 6 January. Beacon IME CEO explains how evidence-based medicine will help lower rising insurance premiums.
Claim and counterclaim: what is really driving up insurance costs?
New guidelines setting out the size of personal injuries awards, published earlier this week, have recommended even higher compensation payouts for the most common claims. This has prompted fears of even more pressure on insurance premiums for the State's two million drivers. It will also heap pressure on insurers to...
Insurers in UAE ‘should share customer information’ to tackle fraud
ABU DHABI // Insurance companies should be more willing to share information on customers to help plug a loophole in the system and prevent fraudulent claims, experts have said.Of the 62 insurance companies in the UAE, 45 offer motor insurance. Of those, 34 cover 5,000 or more vehicles. So far,...
Insurance fraudsters driving up premium costs in Australia, expert warns
A report from insurance giant IAG said it had detected a 30 per cent spike in suspicious claims in the past year in Australia.In Sydney alone, compulsory third party insurance claims rose by around 39 per cent, despite a drop in road casualties.
Reinforcing cyber security strategies with cyber insurance
Cyber security is a critical challenge for Australia. From opportunistic hackers to professional cybercriminals, the risks of having confidential data compromised, intellectual property stolen or business operations disrupted are all too real when companies are storing their assets on virtual, shared, remote or outsourced platforms.
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The State of Insurance Fraud Technology
Insurance fraud continues to be a major issue for insurers, and for consumers who must bear the higher costs this crime adds to insurance premiums. A majority of insurers in this study say fraud has increased against their company over the last three years. Use of technology to detect fraud...