12/20/2013 13:00 | By TODAY via Channel NewsAsia
New hotline for reporting insurance fraud
From Dec 20, members of the public who wish to report suspected cases of insurance fraud can call a new hotline by the General Insurance Association of Singapore.
SINGAPORE: From December 20, members of the public who wish to report suspected cases of insurance fraud can call a new hotline by the General Insurance Association of Singapore (GIA).
The hotline, GI-FRAUD (1800 443 7283), can be used to alert the association to possible cases of insurance fraud, particularly in the motor insurance sector, where fraud cases are prevalent. Last year, the general insurance industry suffered S$140 million in losses from inflated and fraudulent motor insurance claims.
The GIA Anti-Fraud Committee is campaigning to educate the public on motor insurance fraud and its repercussions. It is also tracking fraudulent claims with the use of data analytics and advocating legislative changes to address the problem.
General insurance firms have set up their own investigative units dedicated to detecting and fending 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 GIA Executive Director Derek Teo. "Insurance fraud... is everybody's concern because we all pay the price."
The GIA encourages the public to call the hotline if they have information on possible fraudulent claims filed with motor insurers, have been offered money by touts to submit inflated or fraudulent claims to motor insurers, or if they have evidence that they were the victim of a staged motor accident.
The hotline is open every weekday, from 9am to 5pm.
- TODAY
