In 2012, the Singapore insurance industry experienced a shocking S$140m losses from the fraudulent vehicle insurance claims. The losses continued to destabilize the financial situation of the company and its ability to put forward lower payments. With this, GIA (General Insurance Association) established a dedicated hotline for reporting fraudulent claims.
It is important for a company to know when they become a victim of fraudulent claims. Companies should:
If you have connections with other agencies, exchange of information will be easier and smoother. A specific agency will share famous fraud types and the artists behind it. You can use it in your advantage. If you have information, share it to others too so they can be alerted as well.
Study it before releasing the funds
Before releasing the funds, you have to study and examine it over and over again. There are fraudulent claims that appear legitimate and legal but that is just the facade. The company should increase the network of analysis.
Enhance investigator efficiency
If there are claims filed, investigators will come in but unfortunately, there are times that investigators are deceived. If the claimant is very good at hiding and moving, he/she will really succeed. The company should enhance the efficiency of the investigator.
Expose the ring
When you have uncovered an organized ring, it is important that you expose it. This is to alert other companies with their dealings with such entities. The company should report it to the right authority and let them handle it.
GIA is encouraging the public to join them as they eliminate fraudulent claims. If you know false insurance claims, you should report it directly to the GIA via 1800 44 37283. The hotline will be manned during weekdays from 9am-5pm.