WE REFER to the recent discussion in The Straits Times regarding the incidence of motor insurance fraud and its impact on premiums.

As a new insurer to Singapore with a management team from markets around the world, we think there is clearly a role and responsibility for the insurance industry to play in combating the incidence of fraud. As insurers, we have a responsibility to the vast majority of honest policyholders to ensure that they do not end up paying for the actions of a dishonest few.

The opportunity for inflated claims frequently arises in the first few days following an accident. The most effective way for insurers to minimise incidents of claims inflation is to take ownership of the claims process right from the beginning.

Collect directly all the necessary information and evidence from the insured in the minutes following the accident. Organise the repair process from the accident scene to the delivery back to the customer. Most importantly, speedily address the third party claimant to settle fairly, but fighting any fraudulent activity.
While there has been much finger pointing at the repair industry and indeed claimants, the insurance industry itself also needs to take responsibility for managing this issue.

CEO, DirectAsia.com

Latest comments

Hurray! We finally have an insurer that takes their responsibilities seriously and treat motorists fairly. All you motorists out there who have been complaining about rising premiums. Switch. Use your wallets to affect change.
Posted by: hubhubhub at Tue Aug 03 10:08:31 SGT 2010

Hurray! We finally have an insurer that takes their responsibilities seriously and treat motorists fairly. All you motorists out there who have been complaining about rising premiums and failure of insurance companies to reign in costs, vote with your wallets. Switch. Use your wallets to affect change.
Posted by: hubhubhub at Tue Aug 03 10:03:28 SGT 2010