Title: A multiple perspective view to rampant fraudulent culture in the Indian insurance industry

Authors: Ruchi Agarwal

Addresses: University of Edinburgh Business School, 29 Buccleuch Place, Edinburgh EH8 9JS, UK

Abstract: Insurance fraud is a complex term understudied in management and governance literature. Insurance fraud consists of policyholder fraud, internal fraud and intermediary fraud. It can be measured at four stages ranging from hard frauds to rampant fraudulent culture. An attention is needed to understand the reasons of rampant fraudulent culture in India. This is the first study (as per author's knowledge) on fraudulent culture in Indian insurance industry that provides broad overview of what insurance fraud is, types of insurance fraud, role of different parties involved, reasons of rampant insurance frauds, strategies adopted and the way forward. The results revealed that direct responsibility of combating insurance fraud is not provided to any institutions, therefore fraud redressal takes a backseat in priorities. Corporates have adopted proactive, reactive and vigilant approaches and used fraud investigation cells, cause and effect analysis and trend analysis to understand the fraudulent culture.

Keywords: corporates; insurance fraud; India; culture; case study; risk.

DOI: 10.1504/IJICBM.2018.092112

International Journal of Indian Culture and Business Management, 2018 Vol.16 No.4, pp.416 - 437

Received: 07 Jul 2016
Accepted: 09 Dec 2016

Published online: 02 Apr 2018 *

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