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Najm Combats Traffic Accident Insurance Fraud

Najm Combats Traffic Accident Insurance Fraud

Najm Combats Traffic Accident Insurance Fraud

Saudi Auto Najm Company once again enhances the standards for combating insurance fraud in traffic accidents.

Renew Najm Insurance Services Company Strengthening efforts to combat insurance fraud, developing indicators of suspicion of the validity of traffic accidents, and monitoring fraud cases, during the workshop on combating insurance fraud in the vehicle sector, which Najm organized last week at the King Abdulaziz Center for Cultural Communication in Riyadh, under the auspices of the Insurance Authority, in cooperation with the General Traffic Department, and with the attendance of leaders of insurance companies and Najm Company.

Najm’s update of the indicators for monitoring insurance fraud in traffic accidents came based on the discussions and recommendations of 3 workshops organized by Najm during 2024 in Al-Khobar, Jeddah and Riyadh, in cooperation with its strategic partners, with the aim of combating fraud in the vehicle insurance sector. These discussions resulted in the development of 7 main indicators related to the time of the accident, the driver of the vehicle, how the accident occurred, accident documents, damage mismatch, old damage in addition to traces at the accident site. The updates also included the record of parties and vehicles in the Najm database, which supports decisions on suspicion of the validity of accidents.

Direct discussions between all parties participating in the workshops contributed to developing indicators in all their forms and main criteria for monitoring fraud cases in traffic accidents, which contributes to developing fraud detection mechanisms and enhancing fair and transparent practices.

A delegation from the Insurance Authority, headed by Mr. Ahmed Al-Qaseer, Executive Director of Supervision, participated. In his speech to the workshop participants, he stressed the Insurance Authority’s interest in sponsoring and supporting efforts that enhance fraud-free insurance practices by developing fraud detection indicators and setting controls that consolidate cooperation between all parties to combat this negative phenomenon, which poses a major challenge to the insurance industry in Saudi Arabia, and thus limit its negative effects on policyholders, insurance companies and service providers. Al-Qaseer called for unifying these indicators and keeping pace with changes in them periodically to ensure harmonization of procedures in all regions of the Kingdom and consistency of claims settlement processes between insurance companies in a manner that preserves the rights of insured persons and beneficiaries of insurance coverage.

For his part, Najm CEO, Mr. Mohammed bin Yahya Al-Shahri, valued the Insurance Authority’s support and empowerment of insurance sector companies, including Najm’s initiatives, as well as the efforts of the General Traffic Department during their participation in the workshops organized by Najm during 2024, which contributed to developing field monitoring procedures and post-field monitoring verification procedures, in addition to developing standards and patterns that help in monitoring fraud cases in traffic accidents.

Al-Shahri added: “Najm leads the efforts to combat insurance fraud to provide the highest levels of security and protection by studying suspected cases and collecting evidence to help partners in insurance companies make decisions and study insurance claims, and work on governance and implementation of internal procedures and controls to prevent and detect fraud, in addition to conducting analytical studies on fraud based on multiple sources of information and analysis of accumulated insurance data and records of parties and vehicles as a preventive activity, and then setting appropriate indicators to detect fraud sites and preserve the rights of all parties.”

A delegation of senior officials from the General Traffic Department participated in the closing workshop held in Riyadh, where they expressed their appreciation for the joint cooperation between the Traffic Department and the insurance sector. They also expressed their appreciation for the efforts led by Najm to deal with traffic accidents with the highest levels of integrity and transparency, which guarantees the rights of all parties and achieves security for society.

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It is worth noting that the workshop witnessed the presentation of a working paper by the Executive Vice President for Compliance and in charge of Risk Management, Mr. Abdul Majeed Al-Rabdi, in which he discussed the means of combating fraud and illegal gain in vehicle insurance, and raising awareness of the negative effects resulting from it, which are reflected on economic performance in general and on all parties to the insurance process in particular. The attendees also discussed in an open dialogue session within the workshop agenda the damages resulting from fraud operations and the mechanisms for implementing the proposed solutions to confront this financial crime, with a focus on organizing the efforts of all parties to activate these solutions in a way that benefits society as a whole.

Najm Insurance Services Company is a Saudi closed joint-stock company, not listed, established in 1428H (2007G) with the main objectives of enhancing the vehicle insurance sector in the Kingdom. Najm provides an integrated system of insurance solutions and services to citizens, residents and visitors in more than 40 cities and governorates around the Kingdom, with an experienced and efficient Saudi workforce that constitutes 98% of the total workforce in Najm.

Conclusion:
The workshop on combating insurance fraud in the vehicle sector is a significant step towards enhancing the standards for combating insurance fraud in traffic accidents, and Najm’s efforts to combat insurance fraud are a key factor in providing the highest levels of security and protection for all parties involved.

FAQs:
* What is the purpose of the workshop on combating insurance fraud in the vehicle sector?
The purpose of the workshop is to develop indicators for monitoring insurance fraud in traffic accidents and to strengthen efforts to combat insurance fraud.
* What are the main indicators developed for monitoring insurance fraud in traffic accidents?
The main indicators developed include the time of the accident, the driver of the vehicle, how the accident occurred, accident documents, damage mismatch, old damage in addition to traces at the accident site.
* What is the role of Najm in combating insurance fraud?
Najm leads the efforts to combat insurance fraud by studying suspected cases and collecting evidence to help partners in insurance companies make decisions and study insurance claims, and work on governance and implementation of internal procedures and controls to prevent and detect fraud.

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