Egypt: Insurance Federation to set up anti-fraud databank
Source: Middle East Insurance Review | Nov 2016
The Insurance Federation of Egypt (IFE) is currently working on a databank to help insurers detect fraud, according to the chairman of the trade association, Mr Abd El-Raouf Kotb.
Mr Kotb said that a database would be established for each branch of insurance in order to make it easier for insurers, reported the Vetogate news website.
He said that a careful study lasting around 10 months is necessary for the project. He stressed that for the databank to work, there is a need to link insurance companies and for them to provide the necessary information about customers and the market in general.
Mr Kotb also said that insurance companies have the freedom to use claim investigators and fraud investigation companies to detect counterfeiting and forgery and other insurance crime.