Riyadh, Saudi Arabia – Najm for Insurance Services has unveiled its latest efforts to strengthen fraud detection and prevention in traffic accidents, revealing updated criteria and indicators aimed at identifying insurance fraud. The announcement was made during the Anti-Insurance Fraud Workshop held last week at the King Abdulaziz Center for National Dialogue in Riyadh. Organized by Najm and supported by the Insurance Authority, the workshop brought together representatives from the General Department of Traffic, insurance companies, and industry leaders.
The updated fraud detection indicators are the result of insights and recommendations collected throughout 2024 during a series of three workshops held in Khobar, Jeddah, and Riyadh. These workshops, conducted in collaboration with Najm’s strategic partners, focused on addressing fraud in the vehicle insurance sector. As a result, seven key indicators have been developed to assess accidents, covering areas such as the time of the accident, driver details, accident circumstances, documentation accuracy, damage discrepancies, pre-existing damage, and evidence found at the accident scene. Najm’s enhanced database now includes detailed records of individuals and vehicles, further aiding in the detection of fraudulent claims.
Direct discussions during these workshops played a crucial role in refining the criteria for fraud detection and advancing mechanisms that promote fairness and transparency in the insurance process.
A delegation from the Insurance Authority, led by Mr. Ahmed Al-Qusair, Executive Director of Supervision, attended the workshop. In his speech, Al-Qusair reaffirmed the Authority’s dedication to supporting anti-fraud initiatives, emphasizing that these efforts protect not only insurance companies but also policyholders and service providers. He highlighted the need for standardized fraud detection indicators across all regions of the Kingdom and called for regular updates to ensure consistency in claim settlements.
“We are committed to supporting initiatives that combat fraud in the insurance sector, as this issue poses a significant challenge to the industry. The implementation of these indicators will protect the rights of all parties involved and preserve the integrity of the insurance process,” Al-Qusair stated.
Najm’s CEO, Mr. Mohammed Y. Al Shehri, expressed gratitude for the collaborative efforts of the Insurance Authority and the General Department of Traffic in shaping fraud detection strategies. He underscored Najm’s commitment to ensuring transparency in traffic accident investigations and providing essential data and evidence to assist insurers in making informed decisions.
“Najm leads the way in combating insurance fraud through our comprehensive approach to identifying suspicious claims. Our internal controls, data analysis, and collaboration with key stakeholders enable us to protect the rights of policyholders and ensure that fraudulent activities are addressed effectively,” Al Shehri said.
The workshop, which was attended by senior officials from the General Department of Traffic, included a presentation by Mr. Abdulmajeed Al Rebdi, Vice President of Compliance and Acting Risk Management at Najm. Al Rebdi discussed strategies for tackling fraud in vehicle insurance, highlighting the economic impact of fraudulent claims and the need for heightened awareness among all stakeholders. He also emphasized the importance of coordinated efforts to implement the proposed solutions effectively.
Najm for Insurance Services, a closed Saudi joint-stock company founded in 2007, remains a key player in the Kingdom’s vehicle insurance sector. With a workforce composed of 98% Saudi nationals, Najm operates in over 40 cities and governorates across the country, providing a wide range of insurance services and solutions.
The Anti-Insurance Fraud Workshop marked a significant step in Najm’s ongoing efforts to ensure transparency and fairness in Saudi Arabia’s vehicle insurance industry, as it continues to foster collaboration between insurers and traffic authorities to combat fraudulent practices and safeguard the interests of all stakeholders.
