Najm for Insurance Services has announced ongoing efforts to enhance insurance fraud prevention and develop new indicators for assessing the legitimacy of traffic accidents and detecting fraud.
Seven key indicators have been developed, covering factors such as the time of the accident, the driver, accident circumstances, accident documentation, damage discrepancies, pre-existing damage, and evidence at the accident scene. The updates also include records of parties and vehicles in Najm's database.
This announcement was made during the Anti-Insurance Fraud Workshop organised by Najm earlier this month in Riyadh. The workshop was held under the patronage of the Insurance Authority, in collaboration with the General Department of Traffic, and was attended by leaders from insurance companies.
Mr Ahmed Al-Qusair, executive director of Supervision at the Insurance Authority, speaking at the workshop, called for the standardisation of these indicators, alongside regular updates, to ensure the alignment of procedures across all regions of the Kingdom, and consistency in claims settlement processes among insurance companies.
Industry input
Najm's updated fraud detection indicators for traffic accidents stem from discussions and recommendations gathered during three previous workshops held in Khobar, Jeddah, and Riyadh. The direct discussions among workshop participants were instrumental in developing the indicators and the main criteria for detecting fraud in traffic accidents.
Mr Mohammed Y Al Shehri, CEO of Najm, said, “Najm leads the efforts to combat insurance fraud by ensuring the highest levels of safety and protection through the examination of suspicious cases and the collection of evidence to assist our insurance partners in decision-making claims assessment. We are committed to implementing internal procedures and controls to prevent and detect fraud. Additionally, we conduct analytical studies based on various data sources and analyse accumulated insurance information and records of parties and vehicles as a preventive action to establish indicators that detect fraudulent activities and protect the rights of all involved.”
Najm for Insurance Services was founded in 2007 as the result of cooperation between the Saudi Central Bank (SAMA) and the General Department of Traffic to promote the vehicle insurance sector in Saudi Arabia. Najm, which started by providing accident reviews, damage assessments, and insurance claims, now offers a range of solutions and insurance services in over 40 cities in Saudi Arabia.