The workshop was attended and participated by a number of senior leaders and Excellencies from the General Department of Traffic and the Eastern Region Traffic Department who contributed by highlighting their role in protecting society and facilitating procedures of traffic accidents within the framework of a system that ensures all parties’ rights. The workshop also provided an opportunity to exchange knowledge and support joint efforts between the General Department of Traffic and the insurance sector.
During the workshop, the Media Spokesman for Insurance Industry, Mr. Adel Issa, shed light on the negative effects of fraud on the motor insurance market, and the large losses that insurance companies are exposed to due to fraud, drawing attention to various losses that insurance sector faces due to fraud. The examples of this are the payment of undeserved compensation for false incidents, the incurring of significant technical and administrative expenses to develop fraudulent detection systems and training work teams, in addition to the costs of seeking judicial expertise to deal with judicial cases brought before the courts.
The Vice President of the Compliance and Risk Sectors at Najm, Mr. Abdulmajeed A. Al Rebdi, delivered a presentation on dealing with fraud in motor insurance, and highlighted the company’s efforts to combat fraud. He asserted that Najm leads the anti-fraud efforts to provide optimum levels of safety and protection. This is implemented through the study of suspicious cases, and the collecting evidences to help insurance companies make the right decisions. Other key initiatives involve working on governance and implementing procedures and internal controls to prevent and detect fraud, as well as conducting analytical studies based on multiple sources of information and data analysis to develop appropriate fraud detection indicators.
Al-Rebdi emphasized Najm’s role in launching campaigns to raise awareness on combating fraud and clarifying its effects, risks, and ways to prevent it. The workshop also supported the efforts that Najm is undertaking in cooperating with regulatory and supervisory authorities.
Najm for Insurance Services is a closed, unlisted Saudi joint stock company, established in 2007 with the aim of strengthening the role of the motor insurance sector in the Kingdom. Najm provides a range of solutions and insurance services to citizens, residents, and visitors in 44 cities around the Kingdom, with an experienced and skilled Saudi workforce.