OUR VISION
To Promote & Enhance Insurance Claims Settlement Systems & Customer
Association of Insurance Claims Management (AiCM) was informally formed in the year 2003 with a single objective of getting the industry together to collectively fight out one of the then biggest fraud claim worth around 5 to 6 crores. This experience of united working & collective approach gave a clear direction to the industry to work together to not only fight frauds but also avoid such frauds by creating common databases of fraudulent locations, agents, investigators, medical centers etc.
The association was formalized and registered on 29th June 2013 under the Maharashtra State Societies’ Registration Actwith an objective of creating an action plan to use the right resources and philosophies in order toenhance as well as augment the skills across people/ processes at all stages of the policy life cycle and in all spheres of insurance including Life, Health & General Insurance.We seek to play a dual role - Customer Orientation & Risk management . Balancing these two roles is essential and crucial for our existence.
The members of the association include senior and experienced Claims professionals from various Insurance & Reinsurance companies operating in India.
Some of our commonly identified Objectives are -
Get Regulatory acknowledgement and be the voice of the Industry in Risk management related matters.
Get associated with Life Council and other similar associations like AIU, IAI to ensure a smooth & synchronized risk management flow in the industry across all levels and stages of business.
Get associated with III, IIRM and some top colleges in the country to include practical Claims & Risk Management in the curriculum.
Get focus on building extensive, diverse network of experience and resources for Claims assessors by actively engaging in training, development and sharing of knowledge in order to enhance their risk management and professional skills.
Get involved in various activities towards the economic, social and environmental progress of the society as a whole.
Achievements so far…
Identification of industry level common multi-insurer frauds on almost all occasions and repudiations / joint litigations in respect of the same.
Creation of iNube Evidens Platform for industry level Common Investigation Platform. This platform is fully ready and operational among 4 companies. 2-3 companies are in implementation stage. Other companies yet to join.
AiCM’s President represented the industry in the Life Council to get the original wordings of section 45 changed before the Act was passed. However, due to lack of data at the industry level (mainly large insurers), the revised Insurance Act got passed as it is.
However, instead of accepting the issue and staying still over it, AiCM organised a mega industry meet with the Regulator, Ombudsmen, Police, Lawyers, Compliance Heads, Legal Heads, OPS Heads, Risk Heads, Actuaries, Claims Heads and UW Heads to discuss the actual risks of Section 45. In this mega event, the industry fairly arrived at a uniform interpretation in spirit and many companies followed this interpretation in spirit to fight fraud claims > 3 years.
AiCM helped create a list of negative locations, investigators and certain fraudsters, which is accessible across the industry.
Because of concerted efforts at the industry level, fraudulent / suspected investigators are getting discontinued among various insurers. Negative locations have been included in the STP fail rules of most insurers.
AiCM has assisted insurers to fight certain industry frauds jointly using common lawyers successfully.
When AiCM opened its membership, it got over 350 members registered in 2 just days time.