Realizing the need and importance for Insurance Training well known NGO of the country Insurance Foundation of India has been Conducting Insurance Training Programmes on regular and monthly basis in New Delhi. Full day training programme on “Insurance Frauds – How to Control it?” was organized successfully on Friday, 20 September 2019 at PHD House, New Delhi. There was a tremendous response from Insurance Companies, Insurance Brokerage Firms, Insurance Surveyors, Investigators & Detectives, Managers/ Insurance Head (from industry who buy insurance), Corporate as the need for training on this topic was being felt by those, who wished to upgrade their skill in various aspects of Frauds being committed in Insurance Industry.
One of the points highly appreciated by all participants was that no one realized that Insurance Frauds figure has reached a high figure of Rs 45000 Crores in the country and is now affecting very large number of genuine insurance clients.
Good outcome of the Training Programme was that, each stakeholder could appreciate the view point of all other stakeholders.
In the photograph we can see some of Faculty Members (from left to right): Mr. S. K. Sethi, Founder & Vice President, Insurance Foundation of India, Mr. S. G. Afzal Biya Bani, Senior Insurance Specialist, Al-Muhaidib Corporate, Dammam – Saudi Arabia, Mr. Rakesh Kumar, Additional Director, Management Development Centre, LIC of India, Mumbai, Formerly, Chief Vigilance Officer, The Oriental Insurance Company.
Eminent Faculty which conducted this well thought training programme comprised of:
- S. K. Sethi, Founder &Vice President, Insurance Foundation of India
- S. G. Afzal Biya Bani, Senior Insurance Specialist, Al-Muhaidib Corporate, Dammam – Saudi Arabia
- G. V. H. V. Prasad, Director, Truth Labs, Hyderabad
- Amjad Khan, Associate Vice President, Risk Control, ICICI Prudential Life Insurance Co. Ltd. Mumbai
- Rakesh Kumar, Additional Director, Management Development Centre, LIC of India, Mumbai Formerly, Chief Vigilance Officer, The Oriental Insurance Company
- Naveen Tandon, Vice President – Motor, HDFC ERGO General Insurance Company Ltd.
- Thondup Tshering, Formerly, Marine Underwriter, Tata AIG General Insurance Company, Vice President, AON, Marsh India Insurance Brokers Pvt. Ltd.
- Nirmal Paul, Head – Fraud Prevention Unit, Bajaj Allianz Life Insurance Company Limited, Pune.
- Sandeep Malik, Independent Insurance & Risk Management Consultant
- Sameer Nandwani, Lawyer, Nandwani & Associates
- E. Sridhar, General Manager, Shriram Life Insurance Company Ltd.
Mr. S. K. Sethi, Vice President, Insurance Foundation of India & Director, RIA Insurance Brokers Pvt. Ltd. covered the topic “Importance of Controlling Insurance Frauds to save Indian Insurance Industry.”
According to him, In India on an average every insurance company loses 8.5% of its revenues to the frauds. This means that the profit of insurance companies is being eaten up by various persons, many are connected with this Industry directly, many are clients and then there are large numbers of criminals. The Insurance Foundation of India (IFI) has called for the enactment of a legal framework to check the growing incidence of Insurance Frauds in the country and to set up an industry-level information sharing arrangement similar to credit information bureaus in the banking industry.
Mr. S. G. Afzal Biya Bani, Senior Insurance Specialist Al-Muhaidib Corporate, Dammam – Saudi Arabia & covered topic of:
- Insurance Frauds in the world
- Insurance Frauds in India
- Case Studies on Insurance Frauds across the world
International case studies were highly appreciated.
Mr. G. V. H. V. Prasad, Director, Truth Labs, Hyderabad with an excellent power point presentation & points covered of Role of Forensic Science in combating Insurance Frauds in the present day scenario.
Mr. Amjad Khan, Associate Vice President, Risk Control, ICICI Prudential Life Insurance Co. Ltd. Mumbai of covered:
- Life Insurance Frauds
- Categories of Frauds
- Policy Life Cycle and Controls
- Case Studies on Frauds by Employees, Clients, Criminals.
Mr. Rakesh Kumar, Additional Director, Management Development Centre, LIC of India, Mumbai Formerly, Chief Vigilance Officer, The Oriental Insurance Company & points covered of:
- Fraud Control in Life/ Non Life/Health Insurance
- Sourcing Proposal
- Claims Managing
- Managing Employees Intermediaries involved in Frauds
- Managing Criminals, Fraudsters
- Future Outlook
His vast experience in controlling frauds in General Insurance sector was an eye opener for the participants as well as other speakers.
Mr. Naveen Tandon, Vice President – Motor, HDFC ERGO General Insurance Company Ltd. of the points are covered:
- Insurer Perspective – Motor Frauds
- Insurance Fraud Claims in General Insurance
Presentation with photographs on Motor Frauds was very well accepted.
Mr. Thondup Tshering, Formerly, Marine Underwriter, Tata AIG General Insurance Company, Vice President, AON, Marsh India Insurance Brokers Pvt. Ltd. and the topic covered on Insurance Fraud Claims in Marine Insurance & Liability Insurance Claims was well appreciated.
Mr. Nirmal Paul, Head – Fraud Prevention Unit, Bajaj Allianz Life Insurance Company Limited, Pune & covered topic of:
- Insurance Fraud Claims in Life Insurance
- Use of Artificial Intelligence in controlling Frauds
- Fraud Repository Quest
Role of AI in underwriting, issuance of policies, claims settlement is now very well appreciated.
Mr. E. Sridhar, General Manager, Shriram Life Insurance Company Ltd. presented his experience of controlling Frauds in Life Insurance Sector.
Panel Discussion on Legal Perspective was Moderated by:
Mr. Sandeep Malik, Independent Insurance & Risk Management Consultant covered his study on Insurance Frauds & the need for “Insurance Frauds Control Act” in India.
Mr. Sameer Nandwani, Lawyer, Nandwani & Associates, made value addition with legal cases
The participants in this training programme came from Insurance Companies, Insurance Brokerage Firms, Insurance Buyers, Insurance Surveyors and Loss Assessor, Investigators and Detectives, Insurance TPA and Academic World. Statistics are:
| Participants | Number | % Wise |
| Insurance Companies | 24 | 47% |
| Insurance Brokerage Firms | 5 | 10% |
| Insurance Buyers | 3 | 6% |
| Insurance Surveyors & Loss Assessors, Investigators and Detectives | 15 | 29% |
| Insurance TPA | 1 | 2% |
| Academics | 3 | 6% |
This shows that all segments of Indian Insurance Industry are keen on training and upgrading skill of their team members. This is a very important and positive sign for all of us. IFI has taken a decision to organize such Training Programmes in New Delhi as well as at other locations.
Outcome of the Training Programme
All the members of faculty as well as participants discussed and agreed that Insurance Foundation of India should take up with government authorities for coming out with Insurance Frauds Act. Their full support will be available at all times.
Tailor Made Training Programmes
Insurance Foundation of India can organize in house Training Programmes specifically for any Insurance Company, Insurance Brokerage Firms, Surveyors and Loss Assessors, Clients buying Insurance, BPO, KPO and NGO. We will be pleased to conduct Training Programmes as per your requirement at your location. Let us know your requirement at vp@ifingo.org. We are pleased to inform that we have successfully conducted programme In House Training Programme for a leading General & Life Insurance company of a leading Bank in Mumbai
