Insurance operators have attributed the reduction in the level of fraud in the industry to improvement in technology as well as the level of awareness among practitioners.
The Managing Director, LASACO Assurance Plc, Mr Segun Balogun, said this while interacting with journalists in his office in Lagos recently.
He noted that fraud occur more in compulsory insurances. He, however, said due to improvement in technology, improvement in awareness among practitioners as well as improvement on enforcement strategies, fraud in Nigerian insurance industry has reduced drastically.
According to him, insurance fraud, was prevalent in motor insurance but has reduced since the advent of Nigeria Insurance Industry Data base(NIID).
He said internal fraud could be as a result of poor staff remuneration, poor checkmating of staff living standard and life style, among others.
“If you pay staff well and conduct proper due diligent on your workforce, you will drastically reduce fraud also if you conduct due diligence on customers, the type of policy they buy, you will reduce occurrence of external fraud”.
He said LASACO Assurance has successfully reduced fraud occurrence among its staff and customers drastically.