Private sector general insurer ICICI Lombard is upgrading the use of forensic methods to detect fraud in claims by companies, in the backdrop of rising incidents in this regard and loan defaults.
Lokanath Kar, its chief legal and principal compliance officer, told Business Standard they had empanelled experts to detect cases where fraudulent claims had been made by companies facing a financial squeeze or like issues. In cases of corporate fraud or default being reported every other day, insurance companies are trying to pre-empt prospective losses, he explained.
