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Technology to Strengthen Insurance Fraud Detection to Safeguard the Interest of Policyholders
30/11/2018
The Hong Kong Federation of Insurers (HKFI) announces the launch of the Insurance Fraud Prevention Claims Database (IFPCD) on 1 December 2018. Through its state-of-the-art AI technology, the IFPCD will be able to help detect different types of insurance fraud, particularly those involving multiple claims and syndicates. The relevant AI technology is provided by Shift Technology, a French Company based in Paris with an office in Hong Kong. Shift Technology has confirmed that the IFPCD is European Union (EU) - General Data Protection Regulation (GDPR) compliant.
“By nature, fraud is not easy to detect. In respect of indemnity insurance, experience in other markets overseas shows that for every $100 paid out in claims, about $10 to $15 would involve certain elements of fraud,” said Mr Harry Wong, Chairman of the HKFI Provisional Executive Committee on IFPCD. “Hong Kong is lagging far behind many other insurance markets in terms of fraud detection and prevention. We need to move ahead quickly to catch up. Hence this IFPCD to protect the interest of honest policyholders,” added Mr Wong.
Similar claims databases have been operating for years in the UK, Canada, US, France, Australia, Singapore, Korea and the Mainland. From day one we have attached great importance to data privacy protection in line with public expectations. Our IFPCD fully embraces the concept of privacy-by-design in respect of system architecture and operations. An independent Steering Committee comprising of distinguished community leaders and experts in related fields is set up to oversee the proper establishment and operations of the IFPCD to ensure that public interest is well safeguarded.
“Fraud, in whatever form, is a serious crime and we support the initiative of HKFI to set up this IFPCD to help combat insurance fraud in the common interest of policyholders,” said Mr Edward Chan, Chairman of the Steering Committee on IFPCD.
“In the process, the Federation has demonstrated firm commitment to doing its best endeavours to fully comply with the letter and spirit of the relevant data privacy legislation in Hong Kong”, added Mr Chan.
The IFPCD is being developed in phases. Phase 1 will cover motor, medical and personal accident insurance. From 1 December 2018, insurers who are so ready can start uploading the required data onto the IFPCD. As part of Phase 2 and 3, we will continue to grow our IFPCD to include life and travel insurance.
The Federation expresses sincere appreciation for the support and wise counsel of all stakeholders including the Insurance Authority in the successful launching of this important industry’s initiative.
Please see below a member list of IFPCD Steering Committee. For Q & A, please click here.
Chairman Mr Edward Chan King Sang, SC Barrister at Law
Non-industry Members. Professor Chan Wai Sum Professor of Finance of the Chinese University of Hong Kong
Mr Allan Chiang Barrister-at-Law, Adjunct Professor at University of Hong Kong
Mr Fred Li Former Legislative Councillor
Dr Laurence S L Shek Specialist in Internal Medicine, Vice President of the University of Hong Kong Medical Alumni Association
Mr Simon Wong Chief Executive Officer of Logistics and Supply Chain MultiTech R & D Centre Limited
Industry Members Mr Praveen Daswani Local Chief Executive & Branch Manager of Generali Worldwide Insurance Company Limited in Hong Kong, Councillor of the Life Insurance Council
Mr Jimmy Poon Chief Executive Officer of Dah Sing Insurance Company (1976) Limited, Councillor of the General Insurance Council
Technology to Strengthen Insurance Fraud Detection to Safeguard the Interest of Policyholders
30/11/2018
The Hong Kong Federation of Insurers (HKFI) announces the launch of the Insurance Fraud Prevention Claims Database (IFPCD) on 1 December 2018. Through its state-of-the-art AI technology, the IFPCD will be able to help detect different types of insurance fraud, particularly those involving multiple claims and syndicates. The relevant AI technology is provided by Shift Technology, a French Company based in Paris with an office in Hong Kong. Shift Technology has confirmed that the IFPCD is European Union (EU) - General Data Protection Regulation (GDPR) compliant.
“By nature, fraud is not easy to detect. In respect of indemnity insurance, experience in other markets overseas shows that for every $100 paid out in claims, about $10 to $15 would involve certain elements of fraud,” said Mr Harry Wong, Chairman of the HKFI Provisional Executive Committee on IFPCD. “Hong Kong is lagging far behind many other insurance markets in terms of fraud detection and prevention. We need to move ahead quickly to catch up. Hence this IFPCD to protect the interest of honest policyholders,” added Mr Wong.
Similar claims databases have been operating for years in the UK, Canada, US, France, Australia, Singapore, Korea and the Mainland. From day one we have attached great importance to data privacy protection in line with public expectations. Our IFPCD fully embraces the concept of privacy-by-design in respect of system architecture and operations. An independent Steering Committee comprising of distinguished community leaders and experts in related fields is set up to oversee the proper establishment and operations of the IFPCD to ensure that public interest is well safeguarded.
“Fraud, in whatever form, is a serious crime and we support the initiative of HKFI to set up this IFPCD to help combat insurance fraud in the common interest of policyholders,” said Mr Edward Chan, Chairman of the Steering Committee on IFPCD.
“In the process, the Federation has demonstrated firm commitment to doing its best endeavours to fully comply with the letter and spirit of the relevant data privacy legislation in Hong Kong”, added Mr Chan.
The IFPCD is being developed in phases. Phase 1 will cover motor, medical and personal accident insurance. From 1 December 2018, insurers who are so ready can start uploading the required data onto the IFPCD. As part of Phase 2 and 3, we will continue to grow our IFPCD to include life and travel insurance.
The Federation expresses sincere appreciation for the support and wise counsel of all stakeholders including the Insurance Authority in the successful launching of this important industry’s initiative.
Please see below a member list of IFPCD Steering Committee. For Q & A, please click here.
Chairman Mr Edward Chan King Sang, SC Barrister at Law
Non-industry Members. Professor Chan Wai Sum Professor of Finance of the Chinese University of Hong Kong
Mr Allan Chiang Barrister-at-Law, Adjunct Professor at University of Hong Kong
Mr Fred Li Former Legislative Councillor
Dr Laurence S L Shek Specialist in Internal Medicine, Vice President of the University of Hong Kong Medical Alumni Association
Mr Simon Wong Chief Executive Officer of Logistics and Supply Chain MultiTech R & D Centre Limited
Industry Members Mr Praveen Daswani Local Chief Executive & Branch Manager of Generali Worldwide Insurance Company Limited in Hong Kong, Councillor of the Life Insurance Council
Mr Jimmy Poon Chief Executive Officer of Dah Sing Insurance Company (1976) Limited, Councillor of the General Insurance Council
Technology to Strengthen Insurance Fraud Detection to Safeguard the Interest of Policyholders
30/11/2018
The Hong Kong Federation of Insurers (HKFI) announces the launch of the Insurance Fraud Prevention Claims Database (IFPCD) on 1 December 2018. Through its state-of-the-art AI technology, the IFPCD will be able to help detect different types of insurance fraud, particularly those involving multiple claims and syndicates. The relevant AI technology is provided by Shift Technology, a French Company based in Paris with an office in Hong Kong. Shift Technology has confirmed that the IFPCD is European Union (EU) - General Data Protection Regulation (GDPR) compliant.
“By nature, fraud is not easy to detect. In respect of indemnity insurance, experience in other markets overseas shows that for every $100 paid out in claims, about $10 to $15 would involve certain elements of fraud,” said Mr Harry Wong, Chairman of the HKFI Provisional Executive Committee on IFPCD. “Hong Kong is lagging far behind many other insurance markets in terms of fraud detection and prevention. We need to move ahead quickly to catch up. Hence this IFPCD to protect the interest of honest policyholders,” added Mr Wong.
Similar claims databases have been operating for years in the UK, Canada, US, France, Australia, Singapore, Korea and the Mainland. From day one we have attached great importance to data privacy protection in line with public expectations. Our IFPCD fully embraces the concept of privacy-by-design in respect of system architecture and operations. An independent Steering Committee comprising of distinguished community leaders and experts in related fields is set up to oversee the proper establishment and operations of the IFPCD to ensure that public interest is well safeguarded.
“Fraud, in whatever form, is a serious crime and we support the initiative of HKFI to set up this IFPCD to help combat insurance fraud in the common interest of policyholders,” said Mr Edward Chan, Chairman of the Steering Committee on IFPCD.
“In the process, the Federation has demonstrated firm commitment to doing its best endeavours to fully comply with the letter and spirit of the relevant data privacy legislation in Hong Kong”, added Mr Chan.
The IFPCD is being developed in phases. Phase 1 will cover motor, medical and personal accident insurance. From 1 December 2018, insurers who are so ready can start uploading the required data onto the IFPCD. As part of Phase 2 and 3, we will continue to grow our IFPCD to include life and travel insurance.
The Federation expresses sincere appreciation for the support and wise counsel of all stakeholders including the Insurance Authority in the successful launching of this important industry’s initiative.
Please see below a member list of IFPCD Steering Committee. For Q & A, please click here.
Chairman Mr Edward Chan King Sang, SC Barrister at Law
Non-industry Members. Professor Chan Wai Sum Professor of Finance of the Chinese University of Hong Kong
Mr Allan Chiang Barrister-at-Law, Adjunct Professor at University of Hong Kong
Mr Fred Li Former Legislative Councillor
Dr Laurence S L Shek Specialist in Internal Medicine, Vice President of the University of Hong Kong Medical Alumni Association
Mr Simon Wong Chief Executive Officer of Logistics and Supply Chain MultiTech R & D Centre Limited
Industry Members Mr Praveen Daswani Local Chief Executive & Branch Manager of Generali Worldwide Insurance Company Limited in Hong Kong, Councillor of the Life Insurance Council
Mr Jimmy Poon Chief Executive Officer of Dah Sing Insurance Company (1976) Limited, Councillor of the General Insurance Council
Technology to Strengthen Insurance Fraud Detection to Safeguard the Interest of Policyholders
30/11/2018
The Hong Kong Federation of Insurers (HKFI) announces the launch of the Insurance Fraud Prevention Claims Database (IFPCD) on 1 December 2018. Through its state-of-the-art AI technology, the IFPCD will be able to help detect different types of insurance fraud, particularly those involving multiple claims and syndicates. The relevant AI technology is provided by Shift Technology, a French Company based in Paris with an office in Hong Kong. Shift Technology has confirmed that the IFPCD is European Union (EU) - General Data Protection Regulation (GDPR) compliant.
“By nature, fraud is not easy to detect. In respect of indemnity insurance, experience in other markets overseas shows that for every $100 paid out in claims, about $10 to $15 would involve certain elements of fraud,” said Mr Harry Wong, Chairman of the HKFI Provisional Executive Committee on IFPCD. “Hong Kong is lagging far behind many other insurance markets in terms of fraud detection and prevention. We need to move ahead quickly to catch up. Hence this IFPCD to protect the interest of honest policyholders,” added Mr Wong.
Similar claims databases have been operating for years in the UK, Canada, US, France, Australia, Singapore, Korea and the Mainland. From day one we have attached great importance to data privacy protection in line with public expectations. Our IFPCD fully embraces the concept of privacy-by-design in respect of system architecture and operations. An independent Steering Committee comprising of distinguished community leaders and experts in related fields is set up to oversee the proper establishment and operations of the IFPCD to ensure that public interest is well safeguarded.
“Fraud, in whatever form, is a serious crime and we support the initiative of HKFI to set up this IFPCD to help combat insurance fraud in the common interest of policyholders,” said Mr Edward Chan, Chairman of the Steering Committee on IFPCD.
“In the process, the Federation has demonstrated firm commitment to doing its best endeavours to fully comply with the letter and spirit of the relevant data privacy legislation in Hong Kong”, added Mr Chan.
The IFPCD is being developed in phases. Phase 1 will cover motor, medical and personal accident insurance. From 1 December 2018, insurers who are so ready can start uploading the required data onto the IFPCD. As part of Phase 2 and 3, we will continue to grow our IFPCD to include life and travel insurance.
The Federation expresses sincere appreciation for the support and wise counsel of all stakeholders including the Insurance Authority in the successful launching of this important industry’s initiative.
Please see below a member list of IFPCD Steering Committee. For Q & A, please click here.
Chairman Mr Edward Chan King Sang, SC Barrister at Law
Non-industry Members. Professor Chan Wai Sum Professor of Finance of the Chinese University of Hong Kong
Mr Allan Chiang Barrister-at-Law, Adjunct Professor at University of Hong Kong
Mr Fred Li Former Legislative Councillor
Dr Laurence S L Shek Specialist in Internal Medicine, Vice President of the University of Hong Kong Medical Alumni Association
Mr Simon Wong Chief Executive Officer of Logistics and Supply Chain MultiTech R & D Centre Limited
Industry Members Mr Praveen Daswani Local Chief Executive & Branch Manager of Generali Worldwide Insurance Company Limited in Hong Kong, Councillor of the Life Insurance Council
Mr Jimmy Poon Chief Executive Officer of Dah Sing Insurance Company (1976) Limited, Councillor of the General Insurance Council