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Fraud Risk Management Policy

Bharti AXA Fraud Risk Management Policy

Insurance Regulatory and Development Authority has vide its Circular IRDA/SDD/MISC/CIR/009/01/2013 dated January 22, 2013, mandated all insurance companies to host on their website and inform both potential clients and existing clients about their anti-fraud policies.

Accordingly, the Company has formulated its Anti-fraud policy and the Company shall periodically review the Policy based on the inputs received from the Customers, Authority, Government Bodies and other sources.

Raise your concern

It is being stated for the interest of customers that the company does not encourage payment in cash to any of its employee or intermediary or associate for any services of the company. In case the customer finds anything suspicious regarding his policy and its contents and terms and condition or any abnormality is notices regarding workings of companies employees or intermediaries (as per the illustrations mentioned below).

Any person (including customer, intermediary, supplier, employee, contractor, TPA) who wishes to report an incident of fraud is requested to kindly approach the nearest branch or via e-mail to

Bharti AXA GI's commitment

Bharti AXA GI is committed to conducting its business according to the highest standards of honesty and fairness. This commitment to observing the highest ethical standards is designed to ensure compliance with the local laws and regulations, and to earn the continued trust of our clients, shareholders, personnel and business partners.

Bharti AXA GI is committed to fraud control with an emphasis on proactive prevention and detection measures in an effort to reduce opportunities which could lead to loss. Bharti AXA GI has a zero tolerance to fraud, and shall demonstrate this approach to achieving the zero tolerance culture.

Bharti AXA GI has put in place a Fraud Control Unit to prevent, detect, investigate incidence of fraud against the company. The company has put in place a fraud risk assessment and monitoring framework and procedures.

Broadly, the potential areas of fraud include those committed by the officials of the insurance company, insurance agent/corporate agent/intermediary/TPAs and the policyholders/ their nominees. Some of the examples of fraudulent acts/omissions include, but are not limited to the following:

1. Internal Fraud:

  • misappropriating funds
  • fraudulent financial reporting
  • stealing cheques
  • overriding decline decisions so as to open accounts for family and friends
  • inflating expenses claims/over billing
  • paying false (or inflated) invoices, either self-prepared or obtained through collusion with suppliers
  • permitting special prices or privileges to customers, or granting business to favoured suppliers, for kickbacks/favours
  • forging signatures
  • removing money from customer accounts
  • falsifying documents
  • selling insurer's assets at below their true value in return for payment

2. Policyholder Fraud and Claims Fraud:

  • Exaggerating damages/loss
  • Staging the occurrence of incidents
  • Reporting and claiming of fictitious damage/loss
  • Medical claims fraud
  • Fraudulent Death Claims

3. Intermediary fraud:

  • Premium diversion-intermediary takes the premium from the purchaser and does not pass it to the insurer
  • Inflates the premium, passing on the correct amount to the insurer and keeping the difference
  • Non-disclosure or misrepresentation of the risk to reduce premiums
  • Commission fraud - insuring non-existent policyholders while paying a first premium to the insurer, collecting commission and annulling the insurance by ceasing further premium payments
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