To improve early detection of fraudulent practices in the insurance industry, ICMIF member Triunfo Seguros organised the first National Congress on Fraud Detection and Prevention in Argentina. The event, which took place on 22 and 23 July 2024 in Mendoza, was delivered by professional insurance specialists and was aimed at training staff, collaborators, law firms and colleagues from various provinces.
Fraud in the insurance industry
Having recognised that fraud in the insurance sector is a critical problem that consumes a lot of time, millions of dollars in resources and affects staff, Triunfo Seguros organised the national event. The Congress was important for the insurance industry in Argentina as the consequences of fraud go beyond the insurers themselves: it affects costs and has a negative effect on the judicial system also. Fraudulent practices have grown exponentially in the last ten years. According to a study carried out by various insurance chambers, more than 30 % of claims in Argentina are fraudulent or contain some element of fraud.
“The fight against fraud is essential to protect our resources and ensure the integrity of our services,” said Luis Pierrini, President and CEO of Triunfo Seguros. He added: “Prevention and early detection are crucial. That is where we must focus our energies. We are focused on continuing to train all areas of the insurance system to meet these challenges efficiently. We thank all the participants and speakers for their commitment and dedication.”
The ways in which insurance fraud can be perpetrated in Argentina, as elsewhere, are varied. The modalities range from the usual wheel thefts to criminal organisations presenting false data in medical studies or expert opinions.
Emilio Riestra, criminal lawyer, anti-fraud insurance specialist and member of the International Association of Auto Theft Investigators (IAATI) and the Pan-American Congress on Insurance Crime (COPADES), was a keynote speaker. Riestra said that ‘the approach through a specialised fraud area that works together with all companies is essential to counteract it’.
Also in attendance was Mariana Colomar, head of Estudio Jurídico Colomar in Rosario and Professor at the Universidad Católica Argentina, who said: ‘The work is hard and continuous. The objective is to reinforce and equip with the necessary tools to face these challenges. All insurers continue to work to protect the market and policyholders.
Triunfo Seguros says it is increasingly investing in cutting-edge technology. This includes the use of digital platforms with data analytics and artificial intelligence technology trained on people’s claims history and experience.
The role of the judiciary
In Argentina, the judicial response to insurance fraud presents significant challenges. The sector is working with the judicial system so that there is more synergy and involvement in the investigation of cases that are detected and so that the judiciary can play a more prominent role.
For the first time, the National Superintendence of Insurance, the chambers, the companies and the judiciary are working together to combat fraud.
