This concern was raised by Hollard's Claims Director, Wynand Pienaar, who was a speaker on the panel on “Insurance Fraud: Impacts, Prevention and Combating Money Laundering and Terrorism Financing,” during the II Annual Insurance Conference, organized by the Mozambican Insurance Association (AMS), held in Maputo.
He highlighted that fraud is a permanent concern, as it is always evolving and becoming more sophisticated, which is why it is important for the industry to work together and share information, but also for insurers to deepen investigation and treatment, communicating the cases between them and also with the banks.
Hollard has been proactive in addressing fraudulent activities, valuing the importance of implementing robust fraud detection controls, using technology for data analysis, and collaborating with regulatory and law enforcement authorities. Last year alone, Hollard identified around 20 fraudulent car claims, resulting in total savings of approximately 8 million Meticais, he told insurance market professionals.
Wynand emphasised Hollard Mozambique's commitment to maintaining the highest standards of integrity and working closely with other insurers and stakeholders to create a more resilient and trustworthy insurance market.
During the panel, Wynand shared valuable insights into the types of fraud faced by insurers in Mozambique, including fraudulent claims, insider fraud, and the use of insurance for money laundering and terrorist financing.
For media queries, please contact:
Jéssica Figueiredo - jessicaf@hollard.co.mz
