Najm: 47% of vehicle insurance fraud due to damage mismatches

April 08, 2019

RIYADH — Najm said in its recent report that around 47% of all insurance fraud cases result from damage mismatches.

The report was published to reiterate the commitment by Najm and other relevant entities toward combating and preventing vehicle insurance fraud. This forms a key component Najm’s new strategy that aims to strengthen and protect the Kingdom’s insurance sector by adopting automation and artificial intelligence technologies across its services and products.

The report also identified other most common vehicle insurance fraud cases to include old damage at 22%, engineered accidents at 21%, and phantom drivers at 10%.

Commenting on those results, the CEO at Najm Dr. Mohammad Al Suliman described vehicle insurance fraud as one of the most critical issues that need to be combated in order to further develop the insurance sector.

He added that SR100 million were saved by detecting 13,000 confirmed fraud cases during the period starting from January 2018 until the first quarter of 2019.

Al Suliman noted that Najm is combating fraud by employing a skilled and dedicated team of technical experts equipped with necessary training, in addition to utilizing artificial intelligence technologies. He also mentioned that the company will possess a well-rounded fraud-detection system within two years.

Furthermore, Najm had recently launched the Comprehensive Auto Insurance Management Solutions center (CAMS) which serves as a centralized insurance repository for vehicles in Saudi Arabia, and aims to collect, record, and exchange insurance data necessary to develop the capabilities of insurance companies, analyze insurance risks, improve the quality of insurance services, and reduce insurance fraud. — SG

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