Working together with a shared database platform to prevent and fight fraud
Many European countries share claim history and/or incidents. There are still a number of countries (mainly the smaller and economic emerging markets) that not share data yet. Malta used to be one of those countries. MIA acknowledged that insurance fraud is a serious problem for the insurance companies active in Malta (i.e. their members) and that fraud had a significant effect on the loss ratios.
‘’Still the main challenge was to bring competitors together, to make them work as one team on the platform and share information with each other’’
Fraudsters are particularly creative in their approach and if they commit fraud at one insurer, they can easily move to another insurer without being alerted as a high risk. Thus, the Maltese insurers are dealing with many fraudsters that are hopping from one insurer to another. Moreover, Malta is a country with numerous foreigners which in this case also means a great amount of imported cars and other accompanied matters to take into account.
‘’Having a number of insurers bundling the forces between them means a lot to us, the FRISS country platform makes this possible’’