Kathmandu. In India, the incidence of insurance fraud has doubled.
According to the Ministry of Finance, in the year 2024, there was a loss of Rs 1.77 billion in the incidents of insurance fraud. Which is double the previous year compared to 2023.
Recently, incidents of cyber fraud in India’s insurance sector have been steadily increasing. As a result, people have suffered huge financial losses.
Meanwhile, Finance Minister Nirmala Sitharaman recently held a review meeting with all state-owned insurance companies. In the meeting, Sitharaman directed the companies to come up with insurance plans that cover risks like cyber fraud.
Stating that necessary changes are being made by the customers in the insurance sector, Sitharaman pointed out the need for companies to bring new schemes in the market keeping that in mind. She also directed to bring cheap insurance plans to increase the insurance coverage. “Companies should keep in mind the needs of the customers,” he said, adding, “Customer complaints should be given priority.” ’
Sitharaman also advised insurance companies to connect with customers through social media. “Artificial intelligence should be used to make companies more efficient,” he said. – Agency
