INSURANCE FRAUD PREVENTION CONFERENCE

Background

Many people will be familiar with the story of a former police officer in South Africa, who was recently sentenced to life imprisonment opening up life insurance policies for her relatives, then murdering them to cash in on the insurance policies; in one of the biggest insurance fraud cases in the country in recent history.

But that is not the only story; the insurance industry has been grappling with a surge in fraudulent insurance claims of late. According to statistics from the Association for Savings and Investment South Africa (ASISA), there was a twelve percent increase in fraudulent claims from 2019 to 2020. About 3,180 claims, totalling R587,3 million, were recorded; compared with about 2,830 claims (R537.1 million) in 2019.

Fraudulent behaviours are rapidly evolving, as the fraudsters are becoming more intelligent, proficient and adventurous in the digital space.

The saddest thing about this is that every time the fraudsters succeed, they not only stealing from insurance companies – their actions will have the ripple effects of fleecing other consumers of their premiums; and having the latter raised in the process. Business and family lives are affected.

Allied closely to fraud is the claims process in insurance, which is also undergoing disruption as technology advances. Industry stakeholders are looking for ways to modernize and fast track claims, but also strengthen the claims value chain and make it impervious to fraudulent breaches.

The Insurance Fraud Prevention Conference will take these issues on in 2022. Set for the 7th and 8th of July, the event brings together fraud prevention professionals at the forefront of detecting, investigating and deterring insurance fraud to discuss issues of fraud trends in auto, property, medical and other insurance sectors. Also on the table will be analyses on how industry leaders are leveraging analytics and advanced technologies to adapt to the ever-changing landscape of fraudulent insurance claims.

Objectives

Learn insights from local and regional insurance industry on using modern technologies to strengthen organisational claims fraud strategies
Understand the latest schemes and emerging trends on fraud in various insurance sectors
Explore the fraud trends on the international insurance space
Get practical insights from fraud detection and examination experts
Share experiences with industry colleagues about strategies for getting better results in fraud prevention
Hear how industry leaders are leveraging analytics and advanced technologies to adapt to the ever-changing landscape.

Skim through cutting edge information on everything fraud prevention, from eFNoL to ecosystems, data sharing to investment decisions, and more.