AXA Affin General Insurance (AAGI) was named Claims Fraud Management Team of the Year 2017 at the Claims Award Asia Pacific in Singapore on Sept 19.
In a statement, AXA Affin General Insurance Bhd said the recognition proved that combating fraud with enhanced prevention and detection measures would bring meaningful results.
“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 four working days, and those above RM5,000 in six working days.
“To effectively combat fraud while ensuring fast and fair claims settlements to genuine claimants, AXA has invested handsomely in fraud detection system, fraud awareness programme and staff training,” said AAGI Chief Legal and Claims Officer Aisah Bevi Abdul Rahman.
The system is capable of detecting fraudulent motor claims of various natures and sources, including organised and network frauds.
“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.
Over the last three years, she said fraud claims increased to three per cent in 2016 from one per cent in 2015.
In 2016, AXA negated RM15.7 million worth of fraudulent claims, an increase of 25 per cent compared with 2015.