Insurance Frauds Conclave ‘2009

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First dedicated conference on Insurance frauds was concluded in the “Grand Hyatt” on 30th October’2009. This conference gathered a decent response from across the sector. Participants from the companies like TATA AIG, IFFCO-Tokyo, ICICI Lombard, ICICI Prudential, Detica Netreveal, Royal Sundaram, Cholamandalam, Reliance Insurance, 3i-infotech were amongst the major participants. Mumbai city would be remembered in the history as the hosts of this conference.

On a warm Friday morning in the city of Mumbai, professionals across India congregated at Grand Hyatt, Mumbai to discuss and gain knowledge about the frauds in the insurance sector. Their background varied, yet they were connected with Insurance frauds in one way or the other. This conference witnessed the participation from Nigeria and was chaired by the eminnent Insurance fraud professional – Mr. Ashish Joshi Head of Special Investigation unit of TATA-AIG.

While speaking about the Global Best Practices, Ashish emphasised the need of a special law as well as the special investigating agency to deal with the Insurance frauds in India. He emphasised on the training academy for the investigators. Another attraction of this conference was the presence of Dr. Abbas Aidi from Nigeria.Abbas serves on various federal committees in Nigeria and he openely accepted that the efforts of Indiaforensic should be replicated in Nigeria. Such efforts help to create awareness about frauds in various countries.

Kalpana Sampath of ICICI Prudential Insurance Company took the second session which focussed more on investigating techniques and case studies in the Life Insurance industry. She presented some of the superb case studies investigated by her team. Kalpana heads the Internal Audit, Risk and Compliance at ICICI Prudential which India’s biggest private sector Life Insurance company.K. Murali, Chief Executive Officer at TTK Healthcare spoke about the third party health insurance frauds.

Nazeem Khan of ICICI Lombard made a point by saying that many of the antifraud professionals in the Insurance industry are there by virtue of their occupation and they donot have any scientific training on the frauds.Nazeem khan also emphasised on the various case studies related to the insurance frauds. He shared the practical aspects of investigating the frauds in General Insurance sector.

Ganesh Iyer, head of Underwriting and Claims,Kotak Mahindra Old Mutual company made a very important point at the conference. He said that the competition is good at the sales level in the Insurance Industry but we need to be united to fight the frauds.His practical solution to identify the colours of the written words made a real impact on the audience. In this slide he made a point that investigator needs to look beyond the actual colours of the fraud. One needs to look beyond the numbers