Home / Local / ICA working on ‘innovative fraud solution’
14 September 2020
The Insurance Council of Australia (ICA) says a project is underway to cut insurance fraud, which adds “significant amounts” to claims costs.
ICA says it is working with the Insurance Fraud Bureau of Australia, which was set up by ICA members in December 2010, “to deliver an effective fraud detection system for the Australian insurance industry”.
“The project will focus on reducing insurance fraud in Australia by increasing information sharing and e-business activities,” spokesman Campbell Fuller told insuranceNEWS.com.au.
“Project details will be provided in coming months.”
While recent figures for detected and estimated insurance fraud are not available, the fraud bureau’s website says that in 2017 insurers detected $280 million in fraudulent claims in all insurance classes, excluding those relating to personal injury.
Writing on LinkedIn, ICA Senior Operations Manager Special Risks, Affordability, Underwriting & Crime Corey Nugent says ICA and its members are working through important reforms and enhancement of the bureau.
This will see it become “extremely active and innovative in identifying insurance fraud and reporting it to relevant stakeholders.”