Riyadh, Saudi Arabia – September 2024 – Najm for Insurance Services recently unveiled updated fraud detection criteria to combat insurance fraud in traffic accidents. The announcement came during the Anti-Insurance Fraud Workshop held last week at the King Abdulaziz Center for National Dialogue in Riyadh. The event was organized by Najm and supported by the Insurance Authority. It gathered representatives from the General Department of Traffic, insurance companies, and industry experts.
Updated Fraud Detection Indicators
The new indicators were developed following three workshops held across Khobar, Jeddah, and Riyadh in 2024. These sessions involved Najm’s strategic partners and aimed to address fraud in the vehicle insurance sector. As a result, seven key indicators were defined. They assess aspects such as the accident’s timing, driver information, accident conditions, documentation accuracy, damage inconsistencies, pre-existing damage, and evidence at the scene. Najm’s improved database now holds detailed records of individuals and vehicles, aiding in spotting fraudulent claims.
Collaborative Efforts for Transparency
The workshops encouraged direct discussions that helped refine fraud detection criteria. They also promoted mechanisms for fairness and transparency within the insurance process.
Mr. Ahmed Al-Qusair, Executive Director of Supervision at the Insurance Authority, led a delegation attending the workshop. He emphasized the Authority’s commitment to anti-fraud measures, which protect insurance companies, policyholders, and service providers alike. Al-Qusair stressed the need for consistent fraud detection standards nationwide. He also called for ongoing updates to maintain claim settlement uniformity.
“We are committed to supporting initiatives that combat fraud in the insurance sector,” Al-Qusair stated. “Implementing these indicators will safeguard the rights of all parties and uphold the integrity of the insurance process.”
Najm’s Leadership Role
Najm’s CEO, Mr. Mohammed Y. Al Shehri, expressed appreciation for the Insurance Authority and General Department of Traffic’s cooperation. He highlighted Najm’s dedication to transparency in accident investigations and its role in providing data to support insurers’ decision-making.
“Najm leads the fight against insurance fraud by identifying suspicious claims through data analysis and collaboration. We aim to protect policyholders’ rights and tackle fraudulent activities effectively,” said Al Shehri.
Workshop Highlights and Economic Impact
The workshop featured senior officials from the General Department of Traffic and a presentation by Mr. Abdulmajeed Al Rebdi, Vice President of Compliance and Acting Risk Management at Najm. Al Rebdi discussed fraud’s economic impact and stressed the importance of awareness among all stakeholders. He also emphasized coordinated efforts to apply the proposed solutions successfully.
Najm’s Role in Saudi Arabia’s Insurance Sector
Founded in 2007, Najm for Insurance Services is a Saudi joint-stock company operating in over 40 cities and governorates. With a workforce made up of 98% Saudi nationals, Najm plays a vital role in the Kingdom’s vehicle insurance industry by providing diverse insurance services and solutions.
The Anti-Insurance Fraud Workshop marked an important milestone in Najm’s ongoing mission to promote fairness and transparency in Saudi Arabia’s vehicle insurance sector. It reinforced collaboration among insurers and traffic authorities to combat fraud and protect stakeholders’ interests.
