In Luxembourg, the fight against insurance fraud is supervised by public authorities and supported by professional organizations. But who is taking concrete action on the ground? And how does each actor organize itself to deal with fraud that is increasingly difficult to detect? Finovox introduces you to the main services involved, their missions, and the various tools at their disposal.
Every day, several players take part in the fight against fraud in the insurance sector. Some are public, such as control authorities or inspection services. Others act on behalf of insurers, sharing information and overseeing best practices.
The Insurance Commission (POOP)
The Commissariat aux Assurances is a Luxembourg supervisory authority. He takes care of the stability, at the transparency and compliance of the insurance market. It also supports the practices of insurance companies active in the country.
Her role? Control the activity of insurers and ensure that they comply with current legislation. The CAA guarantees the protection of insured persons and prevents abuses, especially in terms of fraud.
Fields of action:
The General Police Inspectorate (IGP)
The IGP is a independent service that oversees the functioning of the Grand Ducal Police in Luxembourg. She takes care of the respect for the laws, at the transparency of procedures And at smooth functioning of the forces of law and order, including in fraud and cybercrime cases.
Her role? Contribute indirectly to the fight against insurance fraud by monitoring and continuously improving the practices of the Grand Ducal Police of Luxembourg.
Fields of action:
General Social Security Inspectorate (IGSS)
The IGSS is a public authority that manages and oversees the social security system from Luxembourg. In particular, she participates in the development of legislative and regulatory measures.
Her role? Strengthen the transparency and prevention, but also identify possible shortcomings in the allocation of social benefits.
Fields of action:
The Association of Insurance and Reinsurance Companies (POOP)
The ACA is a professional association whom federates insurance and reinsurance companies that operate in Luxembourg. It has represented and defended the interests of its members since 1956.
Her role? Representing Luxembourg insurers before national and European institutions. The ACA acts as a relay between private actors, anti-fraud services and institutional actors.
Actions:
European Healthcare Fraud and Corruption Network (EHFCN)
This European non-profit organization fight against fraud and corruption in the health sector, including in the field of health insurance. THE EHFCN brings together public institutions, insurers and experts around the same objective: to strengthen anti-fraud mechanisms at European level.
Her role? Promote the cross-border cooperation, harmonize detection practices and facilitate the exchange of information between health and insurance players. The EHFCN acts as a reference network.
Actions:
While insurance anti-fraud services are largely based on collaboration between institutions and insurers, they are now enriched with technological tools.
To deal with the increasing complexity of fraud and the multiplication of falsified documents, Luxembourg insurance companies are thus investing in innovative anti-fraud tools.
Among these tools, Finovox is already establishing itself as a reference for Luxembourg companies. Its SaaS platform allows insurers to analyze and investigate any suspicious document. Its API version can, for its part, be quickly integrated into a tool or interface already in place.
In parallel with a platform specialized in the detection of documentary scams, brokerage and insurance companies can rely on:
All these tools improve their efficiency and reduce their exposure to the risks of insurance fraud.
Did you know that?
According to Insurance Europe, insurance fraud costs around 13 billion euros per year to European insurers, representing around 10% of all benefits paid. A direct loss for insurers... But also for all insured persons, who could see their premiums increase.
On a daily basis, Luxembourg faces all sorts of documentary fraud: false insurance declarations, false insurance emails, identity theft or even false insurance policies and money laundering... To strengthen the fight against fraud, insurance companies need reliable tools that cover all of risks associated with document fraud in Luxembourg.
That is exactly what Finovox offers, a French software specialized in the detection of false documents. It analyzes, in real time, all types of documents (standardized or non-standardized) and quickly isolates risky files.
With its help, insurers detect falsifications more quickly and, above all, earlier. In a few seconds, The tool isolates the modified areas, report the technical inconsistencies, and allowsobjectifying suspicions without manual intervention.
Finovox helps you protect your teams, your customers and your reputation.
