AXA Affin General Insurance (AAGI) was recently named Claims Fraud Management Team of the Year 2017 at the Claims Award Asia-Pacific, which was held on 19 September 2017 in Marina Mandarin, Singapore.
Organized by Claims Club Asia-Pacific, this prestigious awards event recognizes the leaders of Asian insurance claims and risk management sectors by rewarding those dedicated teams and individuals that are shining through in the past year. The Claims Fraud Management Team of the Year recognizes AAGI for proving that combating fraud with enhanced prevention and detection measures have brought meaningful results.
Aisah Bevi Abdul Rahman, Chief Legal and Claims Officer of AAGI, said that AAGI has embarked on a major transformation project to strengthen its claims services. Back-end processes have been enhanced and AAGI now commits to settle motor claims below RM5,000 in 4 working days, and those above RM5,000 in 6 working days. To effectively combat fraud whilst ensuring fast and fair claims settlements to genuine claimants, AXA has invested handsomely in fraud detection system, fraud awareness programs and staff training.
The system can detect fraudulent motor claims of various natures and sources, including organized and network frauds. Highly suspicious claims will be investigated by a dedicated fraud management team, with support from experts where necessary.
“Good claims fraud management is ultimately beneficial to policyholders. Investment in the system is a decision taken to protect their interests and the premium entrusted by them, as higher fraud detection rate and savings will translate into lower premium to be offered to policyholders over time. This is an important element to remain competitive in a de-tariffed environment, while also safeguarding the interests of our policyholders,” said Aisah.
Aisah added: “Fraud claims detection has been steadily increasing over the last three years – from below 1% in 2015 to 3% in 2016. In 2016, AXA negated RM15.7million worth of fraudulent claims, an increase of 25% compared 2015. With investment in system, detection rate is expected to be much higher.”
“At AXA, we truly want to be seen as a trusted partner to our customers. We aim to provide our customers with the reliable service and assurance that their claims will be settled fairly. It is important that our customers are able to count on us at times of need.” Aisah added.