In the insurance world, when we talk of fraud, we often referred to the policyholders and/or claimants. But fraud can take many forms as it comes in all shapes and sizes. Insurance fraud is evolving. Fraudulent activities in the organization may be perpetrated by internal and external individuals. That is why fighting fraud and mitigating fraud risk are gaining significance in the insurance industry.
Above: Philam Group participants working on analysis and assessment of a case study.
Recently, Philam Life conducted a Fraud Investigation Workshop, with the intention of guiding participants (key employees, senior management officers, and bank partners) of effective anti-fraud efforts – including prevention, detection, and investigation of fraud, fraud reporting, and fraud risk awareness, education and training.
Above, L-R: Philam Life Chief Risk Officer Joseph de Dios, AIA Group Compliance Associate Director Nick Wright, Philam Life Head of Compliance Ivan Justiniano.
The two-day Fraud Investigation Workshop shows the company’s commitment in treating customers fairly and that it does not condone nor tolerate any acts of fraud within the organization. Proper and effective investigations reinforce ethical culture as they help:
- Management to “walk the talk”
- Employees and agents feel safer to report misconduct
- Increase deterrence
- Protect customer interests and the company
- Strengthen internal processes and governance
To combat fraud effectively and proactively, Philam Life and its affiliates (BPI-Philam, Philam Asset Management) adhere to its Anti-Fraud policies and guidelines, set-up a Whistleblow Policy and Hotline, promotes Speak-Up culture, conducts Ethics Survey and Ethical Leadership Training.
Above: Nick Wright, Associate Director for Investigations and Financial Crimes Compliance of AIA Group Compliance, talks about “Gathering and Analysis of Evidence” during the Fraud Investigation Workshop.
Philam Life upholds the highest standards of integrity and professionalism by adopting a zero-tolerance policy to fraud. Trust and integrity are of utmost importance to a financial institution like Philam Life. It is committed to conduct business in an environment of honesty and integrity and will strive to reduce if not eliminate fraud from all operations. Philam Group works to protect customer interests and ensures fair and ethical approach to customers.
As the premier life insurance company in the Philippines, Philam Life continues to embody its commitment of being a real life company that people can trust.