Chopped finger, break leg, poked eyes: 3.3 billion lost in one year due to the insurance fraud
Life Insurance Industry launched Anti-Fraud platform in february
【Published by Lee Hui Xuan (李蕙璇)】
An individual or entity buy insurance to transfer their risk through the power of every buyer. But it also has a high rate of suspected fraudulent insurance claims. About NTD32.7 billion of claims insurance in a year and it have NTD3.3 billion insurance claims are deliberately fraudulently.
According to the statistics of the Life Insurance Association (LIA) and the Insurance Crime Prevention Center, the amount of injury insurance claims in 2017 reached NTD7 billion, life insurance is NTD25.7 billion. About NTD3 billion of the total amount of NTD32.7 billion was obtained by insurance criminals.
The Life Insurance Association has completed the “Insurance Technology Sharing Platform Application” together with the Insurance Crime Prevention Center. It is expected to start the testing in February this year and go online with 13 insurance companies in June, in addition to a blockchain alliance to achieve “policy passbook”, to let each policyholder’s policy information collected into one account. Another important task is to achieve “pre-existing fraud protection” and “post-event” after the people are insured and the insurance company reviews and agrees to underwrite to the process of preventive filtering and checking.
Jin Yi Hui, deputy secretary-general of the Life Insurance Association said based on this sharing resource platform, each company can achieve the paperless policy and documentary signature with complete evidence for policyholders and retention of policyholders through the blockchain technology. It is also possible to strengthen cross-organizational cooperation through rapid information exchange between each other to share the investment project and reduce the risk of investment errors.
Ong Zhong He, life insurance information technology sharing platform, convener of LIA, said, through this platform, insurers can build a point of contact with the government authorities to establish an anti-fraud collaboration platform to reduce fraud and strengthen assessment through historical information data that platform provide. User also can verify the identity of policyholders, electronically license insurance, and add anti-counterfeiting technology to prevent fraud. Trough the company’s attribution technology, when an insurance is not underwritten, check whether the policyholder has information on the insurance.
Benefits can be seen in a rapid adaptation of blockchain technology in the short-term In the medium-term benefit can prevent and stop the crimination of insurance fraud through the industry alliance KYC, and can quickly reach the hospital with claims automation. This is also the feature of making full use of the blockchain network. First, private chain mechanism is adopted, and the data is secure. It can also be incorporated into the public chain anchoring mechanism to strengthen the invisible modification of the private chain.
■ Source: ettoday
■ Note: Please specify the source or references of the article for reproduced.
■ Solemn declaration: We reproduced articles and news for purpose of sharing information. Copyright belongs to the original author. If there is any infringement/error, please contact us as soon as possible, modify or delete action will be implemented immediately. Content analysis is for information purposes only and does not constitute any investment advice.
■ View Disclaimer: the views, thoughts, and opinions expressed in the text belong solely to the author, and not necessarily to the author’s employer, organization, committee or other group or individual.
■ Please visit our site: KTrade for more information and the latest news update.
■ Follow Us 👉 Instagram| Facebook | Telegram | Twitter | Youtube | Linkedin
■ Customer Service：contact@ktrade.email
■ Business Contact：jingluntech@gmail.com
