FRISS customer story: Malta Insurance Association

How can insurers work together to prevent and fight fraud?

The Malta Insurance Association (MIA) is a non-profit organisation that represents the views and common interests of all insurance companies in Malta, both indigenous and foreign. Every insurer transacting insurance, whichever its line of business, is eligible for membership within the association. Since Malta is a small country there are about twenty insurers currently active in the market.

MIA acknowledged that insurance fraud is a serious problem for the insurance companies active in Malta (i.e. their members) and that fraud had a significant effect on their loss ratios. Fraudsters are particularly creative in their approach and if they commit fraud at one insurer, they can easily move to another insurer without being alerted as a high risk. Thus, the Maltese insurers are dealing with many fraudsters that are hopping from one insurer to another.

As a result, MIA required a fraud platform that could make it possible for Maltese insurers to together to combat fraud.

This case study sheds light on how the Malta Insurance Association collaborated with FRISS to provide its members with a platform to share knowledge, potential fraud incidents and claims history. The platform’s adoption also resulted in a major fraud network being uncovered.