×
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT

Financial crime on the rise in India's life insurance sector

Last Updated 22 February 2018, 12:38 IST

Rising transactions with third parties, data privacy concerns and gaps in operational processes have augmented financial crime risks in the life insurance sector, stated EY Fraud Investigation & Dispute Services' report.

According to the report, 56% of the life insurers stated up to 30% increase in fraud over the last two years; 7% confirmed up to 50% increase.

The report noted that many life insurers were still in the process of complying with the implementation of IRDAI-mandated 'Fraud Monitoring Framework'. 1 in 3 life insurers said their organizations did not have fully established whistle-blowing mechanisms, enhanced third party due to diligence processes and robust fraud-response procedures.

ADVERTISEMENT
(Published 22 February 2018, 12:36 IST)

Follow us on

ADVERTISEMENT
ADVERTISEMENT