The General Insurance industry has been plagued by fraudulent claims and policies since a long time. The General Insurance Council is working at reducing frauds in the industry. To this end, many data sharing and experience sharing platforms have been enabled. It is believed that if the companies work together, it will be easier to identify and thereafter stem the frauds.
The Fraud Risk Mitigation project is set of small actions that the industry is taking in order to prevent, identify, prove and then take appropriate action on fraudsters.