Navigating Insurance Fraud Challenges with Industry Professionals
On 2 January 2025, students of the International Trade and Policy course attended an enlightening session on insurance fraud, led by Mr. Nicholas Mok, an experienced insurance adjustor from Mestari, and Mr. James Kuah, a representative from Takaful. The session centered on the 2011 Briliiante Virtuoso incident, a landmark case that revealed the sophisticated strategies employed by fraudsters and the challenges faced by insurance professionals in uncovering fraudulent claims. Mr. Mok provided a step-by-step analysis of the case, demonstrating the importance of investigative methods like forensic analysis and auditing in exposing fraud and emphasizing the critical role of vigilance, training, and advanced technologies in preserving industry integrity.
Adding a unique perspective, Mr. Kuah discussed how Takaful, based on Islamic insurance principles, tackles fraud through a framework of mutual cooperation and shared responsibility. He highlighted how transparency and ethical conduct are central to Takaful’s approach, offering students a comparative view of conventional and Islamic strategies for combating fraud. Together, the speakers outlined the economic and social repercussions of fraud, including rising premiums, diminished consumer trust, and instability in the insurance market, while advocating for regulatory oversight and technological innovation to strengthen the industry.
For students, the session offered a rare, practical glimpse into the complexities of managing insurance fraud. The real-world lessons from the Briliiante Virtuoso case and insights from the experts enhanced their understanding of the interplay between policy, ethics, and investigative practices in combating fraud. This comprehensive exposure not only illuminated the challenges of fraud detection but also equipped students with knowledge to develop policies and regulations that address such issues effectively within the broader context of international trade and policy
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Navigating Insurance Fraud Challenges with Industry Professionals
