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in place to lay down procedures and formation of anti fraud

policy besides a framework to identify potential areas of

development and report to the authority on regular basis. As

responsible anti fraud professionals our endeavour should be to

keep a strong check on frauds.

Fraud is a significant issue that must be addressed by all

insurance companies. In the past seven years, there has been an

increase in various insurance companies request for assistance in

investigating potential frauds and also for fraud and abuse

preventive work.

Insurance fraud is one of the most serious problems faced by

insurers, insurance consumers and regulators. Its existence not

only increases the cost of insurance, but also threatens the

financial strength of insurers and rising premiums, negatively

affects the availability of insurance or reduces the scope of

coverage for a given amount. Insurance fraud encompasses a

wide range of illicit practices and illegal acts involving

intentional deception or misrepresentation. The industry has

witnessed an increase in the number of fraud cases in the last

couple of years. Organizations are realizing that frauds are

driving up the overall costs of insurers and premiums for

policyholders, which may threaten their viability and also have a

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