Tuesday, January 28, 2014

Suspect car insurance fraud - What to do?

What to do if you think you are a victim of car insurance fraud?

There's actually a fraud hotline that you can call to alert possible cases of fraud - 1800–44–37283 or GI-FRAUD

This service was launched by the General Insurance Association of Singapore late last year in an effort to combat the persistent problem of insurance fraud in Singapore, particularly in motor insurance.

General Insurance Association of Singapore launches Fraud Hot-Line

In an effort to combat the persistent problem of insurance fraud in Singapore, particularly in motor insurance, the General Insurance Association of Singapore (GIA) is launching a hotline (1800–44–37283 or GI-FRAUD), which customers and members of the public can call to alert the Association to possible cases of insurance fraud. The hotline will be operational 20 December 2013.

The general insurance industry suffered a staggering $140 million in losses from inflated and fraudulent motor insurance claims in 2012.  Such losses continue to undermine insurers’ financial position and ability to offer lower premiums and write profitable businesses.

The GIA is therefore stepping up its effort to combat insurance fraud. The GIA Anti-Fraud Committee is intensifying its campaign to educate the public on this supposedly “victimless” crime and its repercussions. At the same time, it is harnessing the use of data analytics to track fraudulent and inflated claims and advocating legislative measures to address the problem. Individually, general insurance companies have also started setting up their own special investigative units to detect and fend off fraud.

“We have to bear in mind that the cost of insurance fraud to insurers is a cost to everyone because industry losses from fraud must be recouped,” said Mr Derek Teo, GIA Executive Director.

“Insurance fraud, then, is everybody’s concern because we all pay the price. We seek cooperation from members of the public to help us in preventing and combating this problem by alerting us of any potential cases of insurance fraud by calling the hotline,” added Mr Teo.

The GIA encourages motorists and members of the public to call the hotline when: (i) they have information on suspected fraudulent claims filed with motor insurers; (ii) they have been offered money by touts to submit inflated or fraudulent claims to motor insurers, or (iii) they have factual evidence that they are a victim of a staged accident.

The hotline is open to offer assistance to the public from 9am to 5pm, Monday to Friday.

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