FRAUD DETECTION POLICY

INTRODUCTION

Experiya Insurance Broker LLP ("the Company") is committed to maintaining the highest standards of ethical conduct and integrity in all aspects of its operations. The Insurance Regulatory and Development Authority of India (IRDAI), as per the Insurance E-Commerce Guidelines No. IRDA/INT/GDL/ECM/055/03/2017 dated March 9, 2017, applies the policy of proactive fraud detection for the insurance industry. This Fraud Detection Policy outlines the Company's approach to prevent, detect, investigate and mitigate any fraud. The Company operates a "zero tolerance" policy towards fraud and will not tolerate any fraudulent or dishonest behaviour by internal or external stakeholders.

APPLICABILITY

The Policy applies to any fraud or suspected fraud involving its officials and employees, shareholders, vendors, contractors, business associates, policyholders, assignees, claimants, nominees, and outside agencies doing business with the company. Any investigation activity required will be conducted irrespective of the suspected wrongdoer's length of service, position, or relationship with the company.

CLASSIFICATION OF FRAUDS

Fraud to gain dishonest or unlawful advantage may be achieved by means of misappropriating assets, deliberately misrepresenting or concealing material facts, or abusing a position of trust or fiduciary relationship.

A. INTERNAL FRAUD

Fraud/misappropriation against the Company by its Director, Manager, employee and/or anyone else. Illustrative list (not exhaustive):

• Embezzlement (misappropriation of money, securities, supplies, property or other assets).
• Fraudulent financial reporting (forging or alteration of accounting documents or records).
• Cheque fraud (forgery or alteration of cheques, bank drafts or any other financial instrument).
• Inflating expenses claims/over billing.
• Paying false or inflated invoices obtained through collusion with suppliers.
• Forgery or alteration of documents or accounts belonging to the Company.
• Payroll fraud and tax evasion.
• Unauthorized or illegal use of confidential information.
• Unauthorized or illegal manipulation of information technology networks.

B. POLICYHOLDER FRAUD

Fraud against the Company in the purchase and/or execution of an insurance product. Illustrative list (not exhaustive):

• Staging the occurrence of incidents.
• Reporting and claiming of fictitious damage/loss.
• Fraudulent death claims.
• Unauthorized transactions initiated on policies such as switches, withdrawals, surrenders etc.
• Unauthorized changes in contact details.
• Fake or forged receipts and/or policy documents issued by third parties.
• Spurious calls by third parties to customers promising inflated returns for purchasing new policies.

C. THIRD PARTY FRAUDS

• Fake or forged receipts and/or policy documents issued by third parties.
• Phishing emails sent to customers promising inflated returns.
• Cyber security frauds through fake or stolen credit card/bank accounts.
• Data leakage due to cyber-attack/hacking of Company systems.

FRAUD PREVENTION MEASURES

• Employee Training: Regular training programs to educate employees about fraud risks and prevention techniques.
• Code of Conduct: A comprehensive Code of Conduct setting ethical standards for employees.
• Access Controls: Strict access controls to ensure sensitive information is accessible only to authorized personnel.
• Regular Audits: Regular audits and reviews of financial records, transactions, and processes.
• Whistleblower Policy: Anonymous and confidential reporting mechanism for employees and clients.

REPORTING SUSPECTED FRAUD

Employees who suspect or become aware of fraud should report to their immediate supervisor or the designated fraud reporting channel, provide as much detail as possible, and maintain confidentiality throughout the reporting process.

INVESTIGATION AND RESOLUTION

Upon receiving a report of suspected fraud, the Company will conduct a thorough investigation in accordance with legal and regulatory requirements. If fraud is confirmed, appropriate actions will be taken including disciplinary actions, legal proceedings, and restitution.

CONTACT US

E-Mail: support@experiya.in
Fraud Reporting: fraudinvestigation@experiya.in
Grievance: grievance@experiya.in
Contact Number: +91-7769000095
Working Days: Monday to Saturday
Working Hours: 10:00 to 18:00
Address: SCO-3, Sector 1, Rohtak, Haryana – 124001