What is it about?
This study explores the pervasive fraudulent culture in the Indian insurance industry, examining types of fraud, the parties involved, and underlying causes. It highlights the lack of institutional responsibility for fraud prevention and reviews strategies adopted by companies to detect, analyze, and mitigate fraudulent practices. The research provides a comprehensive, multi-perspective understanding of insurance fraud in India.
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Why is it important?
Insurance fraud in India isn’t just a financial issue—it’s a trust issue. When fraudulent practices become widespread, they shake confidence in the entire insurance system. This research unpacks why such a culture persists, who is involved, and how companies are responding. By understanding these dynamics, insurers and regulators can take meaningful steps to prevent fraud, protect customers, and strengthen the credibility of the industry as a whole.
Perspectives
One of the key challenges in fraud risk management is the unclear delineation of roles and responsibilities. Often, auditors assume that preventing and detecting fraud is primarily the management’s duty, while management expects auditors to identify and address fraudulent activities. This misalignment leads to gaps in oversight, delays in redressal, and a weakened control environment, highlighting the need for clearly defined responsibilities and collaborative accountability.
Dr Ruchi Agarwal
Management Development Institute
Read the Original
This page is a summary of: A multiple perspective view to rampant fraudulent culture in the Indian insurance industry, International Journal of Indian Culture and Business Management, January 2018, Inderscience Publishers,
DOI: 10.1504/ijicbm.2018.092112.
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