Oct 2021
Issue No.293
Cracking down on Insurance Frauds
W
e applaud the decisive action taken by the Independent Commission of Against Corruption (ICAC) against two syndicates which defrauded insurance companies for claims and commission. The arrests sent a strong message to the public in particular those who might intend to commit a felony through deception.
Taking this opportunity, HKFI Chief Executive Selina Lau has conducted several radio and newspaper interviews and explained to the public that everyone is a victim when it comes to insurance fraud and we should all play a role in combating such a criminal act. At the same time, we will make full use of the Insurance Fraud Prevention Claims Database (IFPCD) to detect and deter fraudulent claims.
IFPCD Solution Enhancement with Additional Data Fields
L
ear ning f rom the c lose to t wo year s’ operational experience, the Project Team proposed to include additional data fields to ensure the IFPCD analytical solution is able to capture the latest fraud scenario and operandi modus of the fraudsters.
Seeing the constant need to update and enhance the data fields in the future, the Steering Committee chaired by Mr Edward Chan convened last week and approved the Questionnaire on Evaluation of New Data Fields, a framework prescribing the parameters to be considered when including new data fields in the future. Our plan is to embed the relevant data fields in the Personal Accident line of business when it is launched in 2022.
ICB signing MoU with IA
T
he Insurance Complaints Bureau (ICB) has entered into a Memorandum of Understanding (MoU) with Insurance Authority (IA) to expedite the handling of claim-related disputes. Starting from 1 November 2021, if a complainant submits a complaint to IA disputing the non-payment of a claim, either in part or in whole, under a personal insurance contract, where the complaint is within the terms of reference of ICB, IA will refer the complaint to ICB for handling.
The MoU is a firm recognition of ICB’s efficient operation and great achievement over the past decades. We are delighted to have the streamlined process in place to enhance policyholders’ experience and expedite the complaint handling process.