SupplyChainReport – The Insurance Council of Australia (ICA) has introduced a new counter-fraud and scams initiative aimed at combating organized fraud networks and identifying emerging fraud trends. In 2023, ICA members detected AUD 560 million in opportunistic insurance fraud, with undetected fraud costing the industry around AUD 400 million annually. The new function will work with insurers and government agencies to enhance fraud detection capabilities. Andrew Gill, appointed CEO of the unit, brings extensive experience from his tenure in the New South Wales Police and as a forensic director at McGrathNicol. ICA CEO Andrew Hall emphasized the importance of reducing fraud to lower insurance premiums and protect customers.
Discover supply chain news insights on The Supply Chain Report. Enhance your international trade knowledge at ADAMftd.com with free tools.
#InsuranceFraud #FraudDetection #InsuranceCouncilAustralia #FraudPrevention #ScamsInitiative #OrganizedFraud #InsuranceIndustry #ConsumerProtection #AndrewGill #InsurancePremiums #FraudTrends #ICA #ForensicAnalysis #InsuranceAwareness
