The Insurance Council of Australia (ICA) has announced the formation of a new taskforce dedicated to combating insurance fraud and scams. Led by Andrew Gill, a seasoned fraud investigator with extensive experience in law enforcement and forensic analysis, the unit aims to enhance the industry’s ability to identify and prevent fraudulent activities.
In 2023, ICA members identified $560 million in insurance fraud, while undetected fraud is estimated to cost the industry around $400 million annually. These fraudulent activities lead to higher insurance premiums, affecting both customers and the broader economy.
The taskforce will collaborate closely with ICA members and government bodies to gather intelligence on organized fraud networks and emerging trends. This initiative is expected to bolster efforts in reducing the financial impact of fraud on the insurance industry and ultimately benefit consumers by lowering insurance costs.
Andrew Gill expressed his commitment to reducing the impact of insurance fraud, emphasizing the importance of this work for the industry and customers alike. ICA CEO Andrew Hall highlighted Gill’s expertise and the taskforce’s role in tackling fraud and scams, underscoring the significance of this new initiative for the community.
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