Friday, August 14, 2009
Insurance research Gets wide media attention !
We are making the copy of this research available for the readers free of cost till 20.08.2009. For any querries related to the research you can contact us at info@indiaforensic.com or write an email to the research mentor Mr. Pradeep Akkunoor at pradeep dot akkunoor at gmail dot com
Complete research can be downloaded here. [pdf is required to read the research ]
We welcome the comments on this research
Some of the media mentions can be read out here
Thursday, July 30, 2009
Insurance fraud conclave
11th/12th September'2009
Le'Royal Meridian, Mumbai, India
Indiaforensic, the pioneer in the field of Forensic Accounting in India has recently come up with an important research for the Insurance Sector in India. According to this research, the Insurance Sector is losing more than 15000 crores of rupees annually due to frauds. This equals almost 9% of the revenues of an insurance company. This is really a very serious issue and time has come that the members of the anti-fraud community in the Insurance sector come together and take some serious steps for the reduction of the huge number of frauds.
Indiaforensic has always been the one to take strong initiative in the anti-fraud domain. This time also, we at Indiaforensic have planned the ‘Insurance Fraud Conclave’ in order to bring the anti-fraud community together and discuss about this serious matter. This conference is spreaded over 2 days and is divided in two aspects - General Insurance and the Life Insurance with some topics being common for both the sectors.
Some of the important topics in this conference are
- Investigation of the Frauds in liability claims
- Global best practices in countering insurance fraud
- Investigating stock losses – role of forensic accounting
- How seriuos is the peril of money laundering in the Insurance sector
- Handling the investigation of claims in the rural areas
- Frauds in health claims
Important details
Date of the Program :11th and 12th September'2009
Time: 10.00 A.M. to 5.00 P.M
Venue: Le'Royal Meridian
Fees for the program: 22,000 plus service tax
You can also register for this conference online. Click here for online registration. You can avail special discounts by registering online.
Be a part of this 2 days event and be the one to add some inputs to others’ knowledge and to add some value inputs to your own knowledge.
Contact Us
Abhijeet (9766594401) abhijeet@indiaforensic.com,
Rashmi (9766594402) rashmi.panse@indiaforensic.com
Himanshu (9665064772) himanshu.kulkarni@Interesting Insurance frauds research
Insurance fraud is typically characterized as the external or third party fraud. Unlike other frauds where the employees commit the frauds by virtue of their occupation, Insurance companies face the risk of frauds from the external and third party frauds. It becomes difficult to understand the psychology of the external fraudsters.
Additionally there are no patterns in the transactions as their could be some red-flags in the credit card usage. Hence Insurance frauds are highly complicated to investigate. This is domain which requires attention of other industries.
Research on Insurance frauds
Fraud is a phenomenon that affects every industry, however, given the nature of the insurance business, the fraud risk is even more pronounced in this sector. A philosopher had once said, you do not know what you can not measure or quantify. In this context, it is Indiaforensic’s humble effort to quantify the magnitude of the fraud that affects this industry and take on the problem head on by identifying appropriate solutions. I would take this opportunity to thank all the Insurance companies and the managers who took part in this survey which enabled us to come up with this research report. The consensus is eye-opening – the insurance industry is losing close to 15000 Crores rupees every year! That is almost 9% of revenues of an insurance company. This clearly indicates the seriousness of the problem. With the publication of this report, we hope to achieve greater awareness among consumers which can eventually lead to reduction of insurance frauds.
Respondents
Pradeep launched the research to understand the perceptions of the
1. Claims managers [80% of the respondents were claims managers]
2. Employees working other divisions in the Insurance Industry [ 20% of respondents were from various other divisions ]
Methodology
These findings are very interesting and the research is available for download on request.
Methodology followed by Indiaforensic in the research is as follows
* Decided on the research concept
* Study of issues
* Preparation of questionnaires
* Collecting responses through personal interviews and email surveys
* Data Analysis of the survey responses
* Report Creation
* Expert Review and Comments
* Publishing and Awareness Drive
This is a very interesting research and needs to be followed by those who are in the Special Investigation Units of the various insurance companies.
Quantification of losses
One of the most significant achievements of this research is quantification of the absolute approximate losses in Indian Rupees to the Insurance Industry in the year 2009. The figure is bound to change but this report will act as the benchmark.
Wednesday, July 29, 2009
Insurance frauds
In all there are 37 Insurance companies in India including life and non-life segments
- Bajaj Allianz Life Insurance Company Limited
- Birla Sun Life Insurance Co. Ltd
- HDFC Standard life Insurance Co. Ltd
- ICICI Prudential Life Insurance Co. Ltd.
- ING Vysya Life Insurance Company Ltd.
- Life Insurance Corporation of India
- Max New York Life Insurance Co. Ltd
- Met Life India Insurance Company Ltd.
- Kotak Mahindra Old Mutual Life Insurance Limited
- SBI Life Insurance Co. Ltd
- Tata AIG Life Insurance Company Limited
- Reliance Life Insurance Company Limited.
- Aviva Life Insurance Co. India Pvt. Ltd.
- Shriram Life Insurance Co, Ltd.
- Sahara India Life Insurance
- Bharti AXA Life Insurance
- Future Generali Life Insurance
- IDBI Fortis Life Insurance
- Canara HSBC Oriental Bank of Commerce Life Insurance
- Religare Life Insurance
- DLF Pramerica Life Insurance
- Star Union Dai-ichi Life Insurance
- Agriculture Insurance Company of India
- Apollo DKV Insurance
- Cholamandalam MS General Insurance
- HDFC Ergo General Insurance Company
- ICICI Lombard General Insurance
- IFFCO Tokio General Insurance
- National Insurance Company Ltd
- New India Assurance
- Oriental Insurance Company
- Reliance General Insurance
- Royal Sundaram Alliance Insurance
- Shriram General Insurance Company Limited
- Tata AIG General Insurance
- United India Insurance
- Universal Sompo General Insurance Co. Ltd