Event Roundup: Global Insurance Fraud Summit - Edinburgh

Shyam_Bhatt

This month, the Quantexa team and customers participated in the Global Insurance Fraud Summit (GIFS). This summit aims to bring together global consortia and insurance organisations as well as law enforcement such as the Insurance Fraud Enforcement Department (IFED) and Interpol.

Quantexa and our customers participated in several panels and presentations. One consortium in Asia indicated the importance of bringing together technology, training and operational processes, with the rollout undertaken this time taking into account of all three for maximum benefit to its members. It was also great to hear from our Public Sector customer, who provided learnings on how to tackle fraud as there are commonalities between insurance fraud and public sector fraud. This organisation also stressed the importance of using data correctly in conjunction with accurate entities and networks, highlighting that they had saved close to £311m overall as an organisation.

It was fascinating to hear from other countries on how they are tackling fraud, and to hear from David Glawe, the CEO of NICB. The key common threads throughout the majority of the presentations were:

• Fraud is commonplace across all territories with a huge victim or consumer impact
• Fraudsters are like business organisations, and like businesses have extended their supply chains, impact and networks globally
• The use of technology on the fraudster side is increasing, and only by insurance organisations doing the same can fraud be tackled sufficiently

It was also great to hear the insurers’ view on these panels as well, with senior executives talking about the importance of a single customer view for use in multiple use cases as well as understanding that at the moment it is a tough financial climate due to inflation. There was an appetite to work together with bureaus, however this process needs to be easier either through the mechanisms of sharing data more easily or understanding global schemes or problems centrally.

It was a great pleasure to take part in the Global Intelligence Sharing panel, and during this we discussed how can insurance organisations share more easily, and by sharing it won’t be as easy as sharing data globally due to the many different data sharing restrictions we have globally. Rather, we must start with understanding how we are sharing currently, what learnings we can take from there and then building on this to start sharing modus operandi or common trends.

Alex_Johnson

Witnessing the rise in cross-industry and cross-regional fraud has been quite "eye-opening" over the last few years. The insurance market is now seeing the same threats to organised crime groups and cyber fraud that have been in government, tax, banking and other sectors for a few years. Great work all.