Private firms to help Irda fight claims frauds

The Insurance Regulatory and Development Authority (Irda) proposes to enter into a partnership with a firm or an organisation to report on industry-wide trends of fraudulent behaviour affecting the insurance industry,” it said.

“The objective of this exercise is to benefit the insurance industry by developing effective reporting on industry-wide fraud trends within healthcare insurance and increasing the difficulty of committing fraud against insurer,” Irda said.

Such an analysis would help insurance companies lower their costs and offer better rates and service for consumers.

Irda has called a meeting of the interested entities on April 30 to explain to them the scope of research to be done.

The issue of health insurance claim had become a bone of contention between the PSU insurers and big private hospitals.