Post de Generali France

AXIANTIS CASE STUDIES : #Insurance and #Reinsurance #Fraud Recently, #AXIANTIS was enlisted by a Global Reinsurance Group witnessing a series of claims that appeared out of the ordinary in the post pandemic COVID period — an anomaly characterized by unusually high payouts by an insurance company they underwrote, specializing in commercial property insurance, Hotels and Hospitality coverage. This scenario, ripe with the potential for systemic risk, required a deep, meticulous fact driven investigation. AXIANTIS began peeling back the layers of this complex situation. We searched into patterns in the claims data, focusing on the types of claims, their geographical distribution, and the timing of their submissions. AXIANTIS Data-driven approach unveiled clusters of claims in regions that historically were considered low-risk, raising the first set of Red flags. Yet, data alone does not tell the whole story. Ground-level field verification efforts were mobilized in various jurisdictions to cross-check the extent of the claimed damages. Our field investigators with decades of experience, visited numerous properties, juxtaposing reported damages against the actual conditions. In several instances, the real picture starkly contradicted the submitted claims, illuminating a discrepancy that required further exploration. AXIANTIS continued with interviews and document verification processes involving the insurance company's staff, claims adjusters, and the claimants themselves. This phase was aiming to unearth any inconsistencies or procedural lapses in the claims process. Documentation related to the claims, including repair invoices and estimates, photographs, and experts reports, underwent rigorous scrutiny for consistency. Cross-referencing the gathered information with industry databases and previous claims histories revealed a true pattern. It became evident that a small, yet significant number of claims were not just overvalued but potentially fraudulent. AXIANTIS report provided the reinsurance company with a comprehensive understanding of the situation, identified the flaws in the insurance company's underwriting process and highlighted the urgency for a systemic overhaul. Recommendations were made for enhancing oversight, adopting best practices in risk assessment, and implementing stronger claims verification processes. AXIANTIS CEO, MAX TOROSSIAN stated: This matter goes beyond a single case study. It shows the importance of Data as a tool and complement of thorough investigation and due diligence and the power of combination of technology with traditional investigative techniques to safeguard the interests of all stakeholders and uphold the standards that define the Insurance institutions. #InsuranceIndustry #Fraud #Insight #intelligence #RiskManagement #IOL #FraudPrevention #Risk #Insurance #DataAnalytics #AXIANTIS #InvestigativeExcellence #Hotels #HospitalityIndustry #InsuranceClaims #Reinsurance #MaxTorossian #BechirMana

AML/CFT challenges and solutions for non-life insurance Navigating challenges, unlocking solutions in non-life insurance AML/CFT 🚨🌐 The non-life insurance sector is at a crossroads, facing intensified scrutiny in the evolving AML/CFT landscape. Challenges abound, notably in the multiplicity of contract parties and outdated KYC data. The recent sanction on MMA IARD emphasizes the urgency for robust solutions. 🛠️ Key Challenges: 👉 Multiplicity of Contract Parties: Complex contractual relationships demand scrutiny, especially with disbursements involving diverse third parties. This complexity poses challenges in implementing effective asset freezing measures. 👉 Insufficient and Outdated KYC Data: KYC data, a cornerstone in AML/CFT efforts, often falls short due to outdated information. Overhauling subscription and KYC processes becomes imperative to meet asset freezing obligations. 💪 Unlocking Solutions: 👉 Precision in Information Collection: Meticulously define the filtering scope, ensuring a comprehensive detection system. Implement partial automation for data collection and updates, addressing both first and second-line challenges. 👉 Enhanced Filtering Tool Feeding: Adapt tools for real-time filtering, especially before disbursement operations. Integrate screening/filtering tools with CRM applications, anticipating developments in subscription/management tools. 👉 Advanced Name Filtering: Utilize advanced filtering tools with "fuzzy match" algorithms and explore new technologies like Machine Learning. Regularly benchmark against industry practices and conduct "crash tests" to optimize tool configurations. Navigating AML/CFT challenges in non-life insurance requires a strategic blend of precision and technology. By addressing these challenges head-on and embracing proactive solutions, the sector can ensure compliance and fortify against potential regulatory pitfalls. ClearDil’s API for KYC verification helps you fight financial criminal activity. Our the end-to-end KYC compliance solution that meet all your Anti-Money Laundering and KYC requirements stands ready to empower the industry on this transformative journey!🚀 Ready to explore possibilities together? Let's connect: https://lnkd.in/e8cFgSi2 #Cleardil #insurance #AML #CFT #KYC #riskmanagement #identityverification #facerecognation

📣 Now available! Updated register of Internationally Active Insurance Groups (IAIGs). The Common Framework for the Supervision of  Internationally Active Insurance Groups (#ComFrame) establishes supervisory standards and guidance focusing on the effective group-wide supervision of  IAIGs. The #IAIS regularly publishes a register of IAIGs as disclosed by group-wide supervisors. The register was updated 14 February and now includes 57 IAIGs. 👉 View the list: https://lnkd.in/eGdPZia5 🔹 Learn more about ComFrame: https://lnkd.in/epvip6zP #IAIS2024 #Insurance #InsuranceNews #InsuranceSector #InsuranceIndustry #InsuranceSupervisor

Call to Belgian insurance professionals: join us for our next webinar on navigating the future of the industry by 2030! Don't miss out on valuable insights and actionable strategies shared by our experts Jean-Louis Delperie, Carsten Mangels and Sven De Labey. More information and registration here: skp.link/1es #Insurance #Strategy #FinancialServices #Growth #SimonKucherEvent #SimonKucher

In recognition of Fraud Prevention Month Équité Association is profiling our member Intact. Etienne Berlinguet , Senior Vice President of Claims Canada looks at how Intact is identifying fraud in auto theft and working to keep customers and communities safe. https://lnkd.in/gUSYifuy #FPM2024 #MPF2024 #insuranceindustry #fraudprevention #fraudawareness #collaboration #partnership

The Canadian Council of Insurance Regulators has released a new report focusing on the governance and business culture in relation to fair treatment of customers. Laurie LaPalme, Derek Levinsky, Marisa Coggin and Jesse Collins-Swartz provide an overview of the observations and recommendations set out in the report, as well as the key implications for insurers conducting business in Canada. Read more: https://lnkd.in/e4M4WgaD #Insurance #Corporate #InsuranceRegulation #CCIR #FairTreatment

In 2023, the cost of insurance claims for replacing stolen vehicles in Canada skyrocketed to a record-breaking $1.5 billion, according to Insurance Bureau of Canada.