About two in 10 motor insurance claims in Singapore are fraudulent, often involving exaggerated injuries and inflated vehicle damage, reported the General Insurance Association of Singapore .
Simon Birch, CEO of Budget Direct Insurance, underscores that insurance fraud is an ongoing and pervasive concern. While insurance companies employ advanced technologies, including AI, to counter these fraudulent activities, he emphasizes the crucial role of individual vigilance in guarding against potential scams.The increased claims payouts resulting from these deceptive activities inevitably lead to higher premiums for policyholders.
This intricate scheme revolved around the owner and his accomplice staging fake accidents and recruiting individuals to file fraudulent claims for accidents they were supposedly involved in. "Staying informed is the first line of defence against insurance fraud. We strongly encourage everyone to watch this concise GIA video to gain valuable insights into the deceptive strategies used by fraudsters," Birch added.
Report the Accident Promptly: Quickly reporting accidents to the police and your insurer allows you to control the flow of information, ensuring that accident details are recorded fairly and promptly. We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.4.