The increasing prevalence and complexity of insurance fraud poses extremely difficult challenges to European insurers. Facing more and more effective fraudsters, restrictive regulatory requirements, and the challenges of developing technology, insurance companies need to explore cutting-edge strategies to combat insurance fraud both on the national and the cross-border level. It is time for insurers to step up their level of insurance fraud management.
Excellence in Insurance Fraud Management
This is why FRISS partnered with event organizer Uniglobal on 12 and 13 May 2016 at the conference Excellence in Insurance Fraud Management in Berlin. Thomas Brinkmann, Country Manager for Greece and Cyprus at FRISS, gave a presentation during the main event.
Brinkmann addressed the difficulty of detecting organized insurance fraud rings. He explained how sharing data between insurers can contribute to an effective fight against insurance fraud. His story was illustrated with case examples from the field and showed how insurers can combat fraud by organized crime.
Fighting a running battle
Brinkmann also elaborated on the importance of risk assessment during the underwriting process. Most insurers are working hard to detect fraud at claims, but forget to pay enough attention to closing the gates. This way, bad risk enters the portfolio rapidly and fraud detection seems like fighting a running battle.
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