Posted: 14th August 2007, 09:14 am

The General Insurance Anti-Fraud Committee has undertaken a study to gain scientific understanding of the insurance industry's progress in fighting the crime.

General Insurance Anti-Fraud Committee (GIAFC) - has launched "one of its biggest pieces of work to date" to gain a scientific understanding of the insurance industry's progress in fighting the crime. Last June, the GIAFC, which has 12 industry members, held a workshop for 100 industry representatives in a bid to collect data relating to the industry's anti-fraud performance. The results are currently being analysed and initial findings will be announced this autumn. A final report is due by the end of the year. The main theme of its work will be to identify if the anti-fraud measures employed by insurance companies overtly reflect the expertise and personalities of their fraud managers and whether the media influences the industry's subconscious. It will also try to identify whether the industry knows the true financial impact of fraud and if it is keeping pace with new trends.

Source: Market Watch 13 August 2007