New CASCO fraud prevention joint database for insurers

The National Association of Insurance and Reinsurance Companies in Romania (UNSAR) plans to create a joint database that will allow companies to cross-check damages insured through CASCO optional policies. The project could be approved by the end of the year, Mediafax notes. “UNSAR had this initiative and we hope it will be approved by the end of the year. By using this IT application, companies will be able to cross-check the entire record of car damages. The joint database will prevent insurers from concluding CASCO policies for badly damaged cars for which compensation has already been paid,” Madalin Rosu, Car Division representative of UNSAR, stated at an event organized by the Association in Sinaia.
Practically, Rosu went on, car wrecks are reintroduced in the circuit through various methods – namely by an overall damage set-up (fire, theft, or accident) – in the subsequent attempt to insure the respective cars and gain unlawful benefits. “Cases have been reported in which overall damage compensation was paid for the same chassis number by multiple insurers within a specific timeframe. We want to prevent such cases by introducing this IT application, which will result in a reduced number of paid compensations and, implicitly, lower premium fees,” Rosu said.

Leave a Reply