In South Africa, it seems the arrest and incarceration of a former police officer, caught for opening up life insurance policies for her relatives, then having them murdered to cash in on their policies; has opened a can of worms that has led to more arrests of a literally similar nature.
The latest relates to the arrest of a woman suspected to have orchestrated the murder of her close relatives – including her husband and children – in insurance fraud related murders that the police have so far traced as far back as 2005.
But that is not the only story; the insurance industry has been grappling with a surge in fraudulent insurance claims of late. There was a medical practitioner whose attempt to claim for a disability payout, after claiming to have been infected with HIV while on the job, were unsuccessful after her story failed to satisfy assessors.
Another case involved a family that tried its luck in opening a policy for a disabled family member and failing to disclose that he had already been disabled when they opened the policy they were trying to cash in.
And as the insurance industry looks to recover from the effects of the Covid-19 pandemic, it looks like fraud cases will only get worse, across the region and continent. In the USA, insurance fraud is costing consumers around $308billion every year. According to statistics from the Association for Savings and Investment South Africa (Asisa), about R787.6-million worth of fraudulent cases were detected in South Africa in 2021.
This explosion of fraudulent behaviours has seen a corresponding rise in fraud detection technologies that end-users such as insurance companies, insurance intermediaries, agents and brokers, and other end-users have found really helpful. In 2023 alone, the fraud detection market has risen from $5.2 billion in 2022 to $6.4 billion, according to research company, ReportLinker.
Over the years, the Insurance Fraud Prevention Conference has become a must-attend event for stakeholders keen to understand developments in insurance fraud; from prevention and detection to collaboration with fellow stakeholders and peers in the industry.
The 2024 edition will be no different. The conference has gone from strength to strength by facilitating industry conversations on how best to address fraud across all classes of insurance, while promoting conversations with key external stakeholders.
The aim of the Insurance Fraud Prevention Conference is to increase the industry’s capacity to tackle fraud through learning from local and international experts and by facilitating cross-industry discussions on how to respond to this evolving issues.
The Insurance Fraud Prevention Conference brings together fraud prevention professionals at the forefront of detecting, investigating and deterring insurance fraud to discuss issues of fraud trends in auto, property, medical and other insurance sectors.
Also on the table will be analyses on how industry leaders are leveraging analytics and advanced technologies to adapt to the ever-changing landscape of fraudulent insurance claims.
Objectives: Why attend?