An enthralling conversation among the significant figures of insurance sectors describes the risks and frauds happening in the insurance sector. People talk about the innovations required in the insurance sector to minimize these risks and frauds. There have been various challenges to this sector regarding data and infrastructure. The panel also discusses the involved risks resulting from the war, losses in MSME segments, and the losses due to a cyber-attack. As per the panel, earlier there was no provision to include the OPD or other medical expenses as a cover in the insurance policy. However, now the insurance industry is designing a plan to cover such expenses. The sector is also emphasizing providing services online. However, they talk about the risks involved in digitalizing this aspect as well which can lead to reputation risk, financial risk, and compliance risks. Hence, people should analyze these risks beforehand. The core point of discussion involves cyber fraud which includes identity thefts, the morphing of images, the cloning of websites, etc. The panel also talks about the ways of regulating the insurance sector. Keep watching!
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