Bajaj Alliance Holding Fraud Awareness Week

Hyderabad: As International Fraud Awareness Week 2024 begins, Bajaj Allianz General Insurance highlighted the growing challenge of insurance fraud, which would undermine trust and drive up premiums in the Indian insurance sector. Speaking on the occasion, Vikramjeet Singh, Chief of HR, ILM & Administration, emphasized the critical role insurance plays in strengthening the economy and providing financial security to individuals and businesses. However, the industry faces skepticism due to widespread fraudulent activities, which cost insurers billions annually. Insurance fraud, including staged accidents, phantom billing, fake policies, and exaggerated damage claims, hampers industry growth and increases operational costs. Fraudulent practices not only affect insurers’ ability to process legitimate claims swiftly but also result in a trust deficit among consumers. To address this, Bajaj Allianz and other insurers are leveraging technology, data analytics, and collaboration with regulators like the Insurance Information Bureau (IIB) and UIDAI to detect and prevent fraud.

The company encourages customers to protect themselves by verifying policy authenticity, using reliable sources for purchasing policies, and opting for secure payment methods. Insurers also recommend utilizing empanelled services for quality care and discounted rates. As part of its commitment to combating fraud, Bajaj Allianz is actively working to create a transparent and trustworthy insurance

ecosystem.