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LIC executives find fraud one of the main global market problems

The financial crime management has become one of the main tasks for life insurance companies, writes International Adviser. The Boston Consulting Group and Limra interviewed 508 senior executives at LICs in sixty-two different markets.
LIC executives find fraud one of the main global market problems

The majority of respondents (79%) noted fraud as one of the main insurers’ problems. Dishonest clients most often try to trick companies during payments (69%) and upon inheritance.

“Fraud is a growing concern for life insurance executives,” said Alison Salka, senior vice president and director of Limra Research. – It does not only harm companies, but also undermines the reputation and trust in consumers. The payments are sometimes delayed of this.”

The FCA Chairman Charles Randell recently said that "financial crime in the UK, especially fraud against individuals, reached the epidemic proportions."

The technology development, customer carelessness, regulation and a weak economy work in fraudsters favor. However, with all the attention paid to Brexit and trade wars, only 15% of respondents find that politics and the government might be a trigger for people’s illegal actions.

“The top executives of life insurance companies have long known that they need to change their organizations and implement new digital technologies to improve customer service, increase efficiency,” said Tim Calvert, the Managing Director, Partner and Global Manager, BCG.

Source: https://international-adviser.com/fraud-concerns-for-global-life-insurance-c-suite-executives/
Photos are from open sources.

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