Rampant Insurance Frauds

Jagendra Rana

2024. g. nov. · Blue Rose Publishers

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Insurance fraud has existed since the beginning of insurance as a commercial enterprise. Insurers are expected to adopt a holistic approach to adequately identify, measure, control and monitor fraud risk and accordingly lay down appropriate risk management policies and procedures. Insurance fraud is a deliberate act committed with the intent to obtain an illegitimate financial gain from an insurance policy. Different types of insurance fraud activities happen in the world of insurance. Fraud not only damages the trust relationship, in the worst case it jeopardizes the continuity of your enterprise. Insurance fraud puts insurance businesses at risk. Thus, insurers should proactively embrace the latest technologies and solutions to safeguard their business. AI and machine learning technologies can streamline the insurance claims process and allocate human resources for decision-making work. Effectively combating insurance fraud has far-reaching benefits for both insurance companies and policyholders.

Par autoru

Jagendra Rana graduated in LL.B from University Studies in Law, University of Rajasthan, Jaipur in 1980 with a Fellowship from Insurance Institute of India Mumbai in 1992. Jagendra Rana is an insurance veteran with a versatile experience of General and Life Insurance. He has been a CEO of a Broking firm and Corporate Head of training in a General Insurance Company. He carries with him over 40 + years of experience in the Insurance Industry at various top positions. He was conferred with the S.K. Desai Memorial Award for his Research Papers by III Mumbai two times in 2011 & 2019. He was also a resource person in the International Seminar on Insurance Frauds conducted by Osmania University, Hyderabad. He has authored 57 books so far on Mythology, Spirituality, Motivation, Management, Marketing, Life Insurance & Non-life Insurance.

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