New anti-fraud platform from the Polish Insurance Guarantee Fund
On 4 February 2019 the new online platform to identify insurance crime prepared by the Insurance Guarantee Fund (UFG) commenced activity.
The platform was created to support all market parties in disclosing and preventing fraud. It estimates that 10% of insurance claims are fraudulent. The Fund, using an advanced analytics model, such as data mining and predictable models, will point out suspicious claims and payments.
Data on Polish MTPL insurance have been collected by UFG since 2004. In 2006 the scope of collected data was expanded by adding data on motor damage claims. The UFG's Information Centre database is updated every day, registering annually approximately 26 million extended or newly issued insurance contracts and over 1.5 million traffic accidents and collisions. As a result, at the beginning of 2018, the Information Centre database stored details of nearly 368 million motor insurance policies.
“We will show insurance companies models of criminal activities, suspicious insurance events and network processes between these accidents. Thanks to the fraud models and trends disclosed in the motor insurance sector we will facilitate insurers to counteract them”, said Wojciech Bijak, manager of UFG's Information Centre.
The platform is free for UFG’s partners – all Polish insurers which sell motor policies.