Another challenge for the industry was Fraud which was discussed in the panel titled – Battling Fraudulent Claims? Here’s what you need to do?
Panelists discussed the types of frauds and abuses happening today across industry – from simpler misrepresentation and non-disclosure to organized fraud. They discussed the ways of detection and prevention and how technology can help. The need for more stringent law around organized fraud, need to know customers better via data analytics, and need to develop a rating system for insurance as a deterrent were discussed during this session.