Council plans fraud monitoring framework

KOLKATA: Life Insurance Council, the apex industry body of insurers, is planning a fraud monitoring framework for its members. The system should be in place by December, secretary general of Life Insurance Council, V. Manickam said. “We are in the process of short listing a vendor who will collate the database aimed to provide a fraud monitoring framework”, he told reporters on the sidelines of an event organised by the Indian Chamber of Commerce in Kolkata. As banks get benefits from Cibil, this fraud monitoring mechanism will help insurance companies get details of customers and detect any fraud in disclosure and claims by policyholders. Manickam said that out of 24 life insurance companies, 10 have joined the programme.