Bajaj Allianz General Insurance, led by its Chief of HR, ILM & Administration, Vikramjeet Singh, has joined global efforts to mark International Fraud Awareness Week 2024, highlighting the urgent need to combat insurance fraud. The company emphasized that fraud not only undermines trust but also inflates premiums and impacts genuine claim settlements.
The insurance sector, integral to industries like healthcare, infrastructure, and agriculture, is hindered by fraudulent practices, costing crores annually. Common fraud types include staged accidents, phantom billing by healthcare providers, fake policies sold by fraudsters, and inflated claims for non-existent damage. Such activities erode consumer confidence and hinder industry growth.
To counter fraud, customers are urged to verify policy authenticity, use secure payment methods, and rely on empaneled services. Meanwhile, insurers like Bajaj Allianz are leveraging technology, forensic science, and collaborations with institutions such as UIDAI and the Insurance Information Bureau to enhance fraud detection. From Kolkata’s perspective, a city known for its vibrant insurance market, tackling fraud is critical. With its large consumer base, Kolkata represents a significant opportunity for insurers to build trust through proactive fraud prevention measures, fostering a stronger local insurance ecosystem.