Page 42 - Insurance Times December 2019

means that the profit of insurance companies is being Y Sourcing Proposal
eaten up by various persons, many are connected with this Y Claims Managing
Industry directly, many are clients and then there are large
Y Managing Employees Intermediaries involved in
numbers of criminals. The Insurance Foundation of India Frauds
(IFI) has called for the enactment of a legal framework to
Y Managing Criminals, Fraudsters
check the growing incidence of Insurance Frauds in the
country and to set up an industry-level information shar- Y Future Outlook
ing arrangement similar to credit information bureaus in
the banking industry. His vast experience in controlling frauds in General Insur-
ance sector was an eye opener for the participants as well
Mr. S. G. Afzal Biya Bani, Senior Insurance Specialist Al- as other speakers.
Muhaidib Corporate, Dammam - Saudi Arabia & covered
topic of: Mr. Naveen Tandon, Vice President - Motor, HDFC ERGO
Y Insurance Frauds in the world General Insurance Company Ltd. of the points are covered:
Y Insurer Perspective - Motor Frauds
Y Insurance Frauds in India
Y Insurance Fraud Claims in General Insurance
Y Case Studies on Insurance Frauds across the world
Presentation with photographs on Motor Frauds was very
International case studies were highly appreciated. well accepted.

Mr. G. V. H. V. Prasad, Director, Truth Labs, Hyderabad with Mr. Thondup Tshering, Formerly, Marine Underwriter, Tata
an excellent power point presentation & points covered of AIG General Insurance Company, Vice President, AON,
Role of Forensic Science in combating Insurance Frauds in Marsh India Insurance Brokers Pvt. Ltd. and the topic cov-
the present day scenario. ered on Insurance Fraud Claims in Marine Insurance & Li-
ability Insurance Claims was well appreciated.
Mr. Amjad Khan, Associate Vice President, Risk Control,
ICICI Prudential Life Insurance Co. Ltd. Mumbai of covered: Mr. Nirmal Paul, Head - Fraud Prevention Unit, Bajaj
Y Life Insurance Frauds
Allianz Life Insurance Company Limited, Pune & covered
Y Categories of Frauds topic of:
Y Policy Life Cycle and Controls Y Insurance Fraud Claims in Life Insurance
Y Use of Artificial Intelligence in controlling Frauds
Y Case Studies on Frauds by Employees, Clients, Crimi-
nals. Y Fraud Repository Quest

Mr. Rakesh Kumar, Additional Director, Management De- Role of AI in underwriting, issuance of policies, claims
velopment Centre, LIC of India, Mumbai Formerly, Chief settlement is now very well appreciated.
Vigilance Officer, The Oriental Insurance Company & points
covered of: Mr. E. Sridhar, General Manager, Shriram Life Insurance
Company Ltd. presented his experience of controlling Frauds
Y Fraud Control in Life/ Non Life/Health Insurance
in Life Insurance Sector.
Panel Discussion on Legal Per-
spective was Moderated by:
Mr. Sandeep Malik, Indepen-
dent Insurance & Risk Man-
agement Consultant covered
his study on Insurance Frauds
& the need for "Insurance
Frauds Control Act" in India.

Mr. Sameer Nandwani, Law-
yer, Nandwani & Associates,
made value addition with le-
Participants attentively participating in the training programme on "Insurance Frauds -
How to Control it?" gal cases

42 The Insurance Times, December 2019