NIC collaborates with EOCO to fight insurance fraud

The National Insurance Commission (NIC) has organised a three-day training programme on insurance fraud for 86 officers of the Economic and Organised Crime Office (EOCO).

Speaking at the opening ceremony, the deputy commissioner of the NIC, Michael Kofi Andoh said that knowledge in insurance fraud has become very necessary because of emerging crime trends in the area.

He mentioned claims fraud, operation of illegal insurance companies and siphoning as some of the challenges that the insurance industry has to deal with.

He added that insurance fraud affects the financial sector through loss of funds and worsens the economic situation of individuals and consequently, the country.

Jacqueline Aba Opoku, deputy executive director for Intelligence and Monitoring, EOCO, mentioned that insurance is one avenue that people use to generate money to fund other criminal activities.

“This is why EOCO is collaborating with the NIC to equip officers with the requisite knowledge to detect and apprehend fraudsters who engage in insurance fraud,” she said.

She reiterated the fact that when crimes go unpunished, criminals become emboldened to continue their trade and enjoy the proceeds of the crime.

“It is therefore important that participants take the training seriously in order to gain the ability to be ahead of the criminals and also to be able to investigate and prosecute such crimes,” she said.

The executive director of EOCO, COP Maame Yaa Tiwaah Addo-Danquah, said she was very grateful to the NIC for collaborating with her office to make the training a reality.

She said investigating insurance fraud requires officers to be open-minded, not assume anything and always look out for red flags.

Participants were exposed to fraud scenarios in the insurance sector (worldwide), NIC corporate governance guidelines, the regulatory framework for prevention of insurance fraud, risk management systems and processes.