Hong Kong launches claims’ fraud databaseDecember 5 2018 by InsuranceAsia News Staff
The Hong Kong Federation of Insurers has launched the Insurance Fraud Prevention Claims Database (IFPCD).
The IFPCD, launched at the beginning of the month, will be able to help connect insurers to detect different types of insurance fraud, particularly those involving multiple claims and syndicates.
The IFPCD is being developed in three phases. The first phase covers motor, health and personal accident insurance and from the beginning of December insurers have been able to upload the required data onto the IFPCD. Phases two and three will include life and travel insurance.
Harry Wong, chairman of the HKFI provisional executive committee on IFPCD said: “By nature, fraud is not easy to detect. In respect of indemnity insurance, experience in other markets overseas shows that for every HK$100 paid out in claims, about HK$10 to HK$15 would involve certain elements of fraud.”
He added: “Hong Kong is lagging far behind many other insurance markets in terms of fraud detection and prevention. We need to move ahead quickly to catch up. Hence this IFPCD to protect the interest of honest policyholders.”
Similar claims databases have been operating for years in the UK, Canada, the US, France, Australia, Singapore, Korea and China.
Edward Chan, chairman of the steering committee on IFPCD, commented: “Fraud, in whatever form, is a serious crime and we support the initiative of HKFI to set up this IFPCD to help combat insurance fraud in the common interest of policyholders.”
The database uses artificial intelligence provided by Shift Technology while it is EU General Data Protection compliant.
- June 14
Wayne Cheng has been handed an operations role at the global loss adjuster.
- June 5
Arrests follow a court hearing in Hong Kong this week amid a dispute with rival McLarens.
- June 5
2018 was a quieter year for shipping incidents in the region but the overall trend is up says Allianz Global Corporate & Specialty.
- May 29
Natalie Storer has joined the speciality insurer from QBE.