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Chuks Udo Okonta
The recent publication of claims complaints by the National Insurance Commission (NAICOM) rattled many insurance companies, as they fought back to save their brand reputations.
One of the defences put forward by most of the affected companies was that most of the complaints published by the regulator stemmed from fraudulent claims
For industry watchers, the inability of insurance companies to expose fraudulent claims perpetuators really turned against them and ridiculed their brands as they were portrayed in the complaints publication, as not living up to their claims settlement responsibilities.
At a recent event, concerned industry watchers have charged the insurance industry to publicize all fraudulent claims cases it has successfully prosecuted in the court.
Insurance companies were also asked to name and shame fraudulent claims perpetrators, to serve as a deterrent to others.
It was agreed that the shielding of these fraudulent acts, would continue to encourage the vices.
The industry was also charged to make public the amount saved annually from blocking of fraudulent claims.
