Posted on: May 21, 2010 Posted by: Diane Swarts Comments: 0

The SA Insurance Crime Bureau (SAICB) had saved the industry some R2-m in 2009, and is comparing information about cases valued at R55-m.

The ethics and vigilance body was launched in late 2008 to curb escalating organised fraud in the short term insurance industry, and.says it had made massive strides in indentifying fraudulent activities by opportunists, syndicates and service providers in short term insurance.

Following “many years of investigation, research, debate and fact finding missions by the short term insurance industry, by the SA Insurance Associations (SAIA) Fraud Committee and Task Team, the SAICB had grown to 11 member companies, including Santam, Mutual & Federal, Hollard, Zurich, Lion of Africa, Regent, FRSTIA, Absa Insurance, Standard Insurance, Telesure and MiWay.

Servaas du Plessis, Chair of the SAICB board, commented on a successful 2009; “Our challenges and setbacks were bigger than what we had expected… We had to revisit our initial strategy and amend our original business plan after initial lessons.”

Ronnie Napier, chairman of the general industry body SAIA, said they were proud and excited about unity in the industry in the fight against fraud. Members of the ethics body share information to track and fight fraud.

Dr Graham Wright, CEO of Business Against Crime SA, commented; “The SAICB has enabled the short term insurance industry to identify and investigate fraudulent and criminal events across multiple insurers, through the analysis of shared information.

“This facility has enabled the formulation of joint industry approaches to the management and analysis of information, and improving liaison between industry and government departments, as well as other business sector entities.”

Capabilities set up by the industry through the SAICB have also strengthened government’s hand at dealing with crime.”

Hugo van Zyl, Chief Operating Officer of the SAICB, said the industry had “committed cooperation of policing and prosecution authorities… challenges are daunting because of the scale of crime and fraud in the short term industry, but we are already seeing a difference.”

The SAICB is staffed by 10 employees, aiming at proactive initiatives.

PHOTO; Hugo van Zyl (COO of SAICB), Servaas du Plessis (Chairman of SAICB board).

* SA Insurance Crime Bureau (SAICB), via Hugo van Zyl, COO, 082 602 2721, 011 021 1432 /3/4/5, hugovz@saicb.co.za or via the corporate secretary on 082 774 2744,  011 021 1432 /3/4/5, melaniep@saicb.co.za

Uncategorized

Leave a Comment