The multiple losses which occur in road transportation can be traced to three types of causes: i. Human cause; ii. Physical cause; iii. Environmental cause
Fraud can be from: i. External sources i.e. the insuring public or ii. Internal i.e. insurers, agents and intermediaries
Frauds in motor insurance include: i. Frauds from external and internal sources; ii. Multiple insurance cover on same Vehicle; iii. Inflated Bills of Repairs; iv. Faked Accidents or Burglaries; v. Staged Collisions
Ways to mitigate frauds include: i. Context-Specific Data; ii. Digital Claims Assessor; iii. Leverage Technology Solutions
Regulation 12 of the IRDAI (Insurance Surveyors and Loss Accessors) Regulations, 2015 mandates appointment of Surveyors and Loss Assessors either by Insurer to assess loss under a policy of Insurance in respect of (a) Motor Insurance - above Rs. 50,000/- (b) other than Motor Insurance above Rs. 1,00,000/-.
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