Allianz Malaysia CEO calls for unity vs motor claims fraud

Motor claims fraud costs the industry $240.5m (MYR1b) per year, he said.

Allianz Malaysia CEO Zakri Khir has called on the insurance industry to unite and stop fraudulent motor insurance claims, according to media reports.

In a media roundtable held last 30 June, he revealed that motor claims fraud costs the industry $240.5m (MYR1b) annually and that many parties monetise motor claims for their own benefit, taking advantage of a lack of clarity regarding the whole claims process.

“This gets magnified when customers do not know their rights as consumers – that your insurer is there to serve your needs, not the other way round,” Khir said.

“What most fail to see is that accidents are a litmus test for us, insurers, and the promise we sell to our customers that we will be there for them in their times of need. Not delivering on those promises is a cardinal sin.”

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