Saudi war against insurance fraud gains momentum

RIYADH — Najm for Insurance Services has participated in the Global Insurance Fraud Summit on Oct. 29–30 in Barcelona, Spain, alongside attendees from selected insurance companies and leading sector experts and specialists from all over the world.

Through participating in this world-class event, Najm aims to present the Saudi Vision 2030 to the world and highlight the Kingdom's efforts in developing and exporting local content as one of its major economic outputs.

Furthermore, as part of his representation of Najm during the summit, CEO Dr. Mohammed Al Suliman participated in a work session where he reviewed Najm’s strategy and its contributions towards developing the Saudi vehicle insurance industry, in coordination and cooperation with several related parties, and under the supervision of the Saudi Arabian Monetary Agency (SAMA).

He also reiterated Najm’s position as a role model for insurance services in various sectors and praised its fruitful efforts in the fight against insurance fraud which resulted in remarkable achievements. He also expressed Najm’s keenness to continually strengthen its anti-fraud capabilities through adopting and enhancing digital and data analysis technologies based on artificial intelligence in aims to achieve a paradigm shift in the Kingdom.

Moreover, Al Suliman noted that about 13,000 insurance fraud cases have been monitored from the beginning of 2018 to the first quarter of 2019, stressing that Najm is combating insurance fraud through an integrated department consisting of adequately trained professionals in this field.

Dr. Al-Suliman also presented figures from the Saudi insurance sector’s overall perception, where 96% of insurance companies believe that ecosystems have an impact on the insurance industry, while 87% of insurance companies agree that technology is no longer advancing in a linear fashion but rather at an exponential rate, meaning it involves various fronts including a more rapid development of resources, communication, and knowledge, etc. Additionally, 86% of insurance companies believe that innovation must occur at an increasingly rapid pace for companies to retain a competitive advantage.

The Global Insurance Fraud Summit was the first summit of its kind and was held in cooperation with the International Association of Special Investigation Units (IASIU) and the Alliance Against Insurance Fraud. It offered a unique opportunity to gather relevant parties and provide a platform for experts and specialists to discuss and share their experiences in the fight against insurance fraud.