Experian To Build Fraud Monitoring Framework For Insurance Companies

Life insurance companies have given a project to Experian, a global data analytics company, to build a fraud monitoring framework. Earlier, IRDAI had planned to build one for general insurance but it seems that the project has taken a back seat.

Read more
Get ₹1 Cr. Life Cover at just
Term Insurance plans
Online discount
upto 10%#
Guaranteed
Claim Support
Policybazaar is
Certified platinum Partner for
Insurer
Claim Settled
98.7%
99.4%
98.5%
99%
98.2%
98.6%
98.82%
96.9%
98.08%
99.2%

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

Get ₹1 Cr. Life Cover at just
+91
View plans
Please wait. We Are Processing..
Get Updates on WhatsApp
By clicking on "View plans" you agree to our Privacy Policy and Terms of use
We are rated
rating
58.9 million
Registered Consumers
51
Insurance
Partners
26.4 million
Policies
Sold

The framework is expected to be ready to go live in October, said Life Insurance Council, an industry association. When fully functioned, this data repository project would help insurance companies cut losses due to false insurance claims.

"We are hopeful that the data repository with the participation of all life insurers including Life Insurance Corporation of India is going to help the industry in preventing fraud and mitigating risk better," SBI Life Insurance Co Managing Director & Chief Executive Officer Arijit Basu said.

V Manickam, Secretary General of Life Insurance Council said that the formalities to engage Experian will be completed by September end. He added that US-based LexisNexis and Credit Information Bureau (India) Ltd were also in the race to get the permission.  

"Arresting fraud will not only facilitate insurers but it is good for policyholders as well. It will help in reducing premium rates as insurers need not buffer for such losses, improving operational competence and in keeping bad elements out of the system," PricewaterhouseCoopers Director, Anuraag Sunder said.

Fraud prevention, nowadays, has become a main point of concern for any insurer given the fact that any general insurer may be badly impacted in the range of around 10% premiums being lost due to fraudulent losses. To detect the duplicate claims under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), the life insurers are also closely working with Credit Information Bureau Limited (CIBIL). 

Source: This article has been adapted from the article “Life insurance companies to engage Experian to build fraud monitoring framework “that appeared on 2nd September 2015 in economictimes.indiatimes.com

Different types of Plans


Life insurance articles

Recent Articles
Popular Articles
Kotak Life Insurance Policy Details

04 Jan 2023

Kotak Life Insurance, is one of the leading insurers in India
Read more
Tata AIA Life Insurance Login Customer Portal

04 Jan 2023

Tata AIA is one of the life insurance providers that offer
Read more
Edelweiss Tokio Life Insurance Login

20 Dec 2022

Edelweiss Tokio Life Insurance is an Indian insurer that offers
Read more
Characteristics of Life Insurance Plans

12 Dec 2022

Life insurance plans are essential for anyone looking to secure
Read more
ICICI Prudential Life Insurance Customer Service

08 Dec 2022

ICICI Prudential Life Insurance company limited offers a robust
Read more
How to Check LIC Policy Status, Details, Statement via Online/SMS/Call
Last year, Mr. Rajiv Verma bought a Child LIC policy to provide financial security for his kid's future. However
Read more
SBI Life Insurance 50,000 per year Plan for 5 Years
Life insurance is not only about the financial protection of the family but also about working for life’s
Read more
How to Download PLI Statement Online?
PLI or Postal Life Insurance was an initiative originally started for the welfare of the Postal Department of
Read more
How to Cancel SBI Life Insurance Policy?
As per the Insurance Regulatory and Development Authority, you can cancel a life insurance policy taken within 15
Read more
PLI Surrender Value Calculator
PLI Surrender Value Calculators have proven to be one of the simple tools for digitally savvy customers. PLI
Read more

top
View Plans
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL