Curating Cadre For Curbing Scams

In January 2013, the Insurance Regulatory and Development Authority of India (IRDAI) came up with a comprehensive Insurance Fraud Monitoring Framework (IFMF) for dealing with rising number of fraud cases in the sector. The regulatory body asked insurers in the life, health and general categories to put in place a robust mechanism to revive consumers’ confidence and trust. The IRDAI asked companies to work towards building a system wherein early monitoring and quick detection of frauds could be made a reality. Through a circular, the regulator wanted companies to put in place strict rules for appointment of agents, corporate agents, intermediaries and Third Party Administrators (TPAs). In short, IRDAI asked companies to enhance their risk management capabilities. Sharing his views on the act, Sanjeev Pujari, President, Actuarial and Risk Management, SBI Life Insurance stated,...