Profile: South African Insurance Crime Bureau

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VISION
To be the fusion centre (multi-agency, multi-jurisdictional information-sharing organisation) and leading authority on fighting organised crime in the insurance and assurance industry

MISSION
The SAICB will achieve this through the consolidation of multiple data sources and the deployment of relevant and specialised skills together with the unique technology solutions, that will provide industry intelligence, promote collaboration, address prevention and detection, to obtain convictions and recovery.

DEFINITION: ORGANISED CRIME
"Organised insurance crime is when an individual or group commits fraud or crime against one or more insurance companies. This would include a habitual or multiple claimant using an "elaborate" scheme to defraud a single or multiple companies."

Profile: South African Insurance Crime Bureau

investigators

The South African Insurance Crime Bureau ("SAICB")was officially launched on 31 October 2008 and in just over two and a half years has established itself not only as a valuable tool in the fight against insurance fraud and related crimes, but has also brought the various agencies working in the broader fight against commercial crime closer together to the benefit of all.

The main focus of the SAICB is to address organised fraud and crime in the short term insurance industry. The SAICB also investigates repeat offenders and fraudsters that target multiple insurance companies. Our aim is not to replace the internal fraud investigation units of the insurance companies but will be specifically looking at fraud and crime being committed across the industry, and affecting multiple companies, i.e. syndicated crime and fraud.

This cannot be done in isolation as the insurance industry shares clients, intermediaries, sometimes service providers, and indeed criminals with other sectors in the financial industry. These industries include the broker fraternity, the life insurance industry, the medical schemes industry, the banks, and others. In fact, the ultimate aim of the SAICB is to create a joint initiative for the whole financial services industry and other related stakeholders to address crime and fraud through the sharing of information.

The SAICB has 10 member companies, namely: Santam, Mutual & Federal, Hollard, Outsurance and Momemtum, Lion of Africa, Standard Insurance, Absa Insurance, Regent, Telesure, and MiWay. The SAICB also manages the industry Fraudline which has proven to be a valuable tool in identifying fraud and as a direct link between the public and the insurance industry.