Insurance fraud: how do we combat it?

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We all know that it’s honest consumers that bear the brunt of insurance fraud, which costs the industry billions every year. Garth de Klerk, CEO of The Insurance Crime Bureau (SAICB), says the percentage of fraudulent claims currently ranges from 5-15%, depending on the insurance line. What can be done to bring this percentage down?

According to de Klerk, both individual and collaborative effort can make a big impact. The SAICB, which has just celebrated its 10th anniversary, stresses the importance of sharing intelligence and data, which can help the industry to make informed decisions regarding risk mitigation. Forming ‘intelligent partnerships’ is an important step towards undermining the activities of syndicates, says de Klerk. Helping to strengthen government institutions to fight fraud and corruption is part of the SAICB’s mandate.

“On an individual level, we can be part of the solution. When you see something, speak out. Don’t ignore the problem or become complacent,” says de Klerk.

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