New insurance claims database launched in Iceland

As of January 15 2019, the four Icelandic general (non-life) insurance companies will start using a new claims database for the Icelandic Financial Services Association (SFF) run by Creditinfo. The database will be used to counter organized insurance fraud, as it has been on the increase in relation to organized crime. According to a statement by the Icelandic Police, these groups seem to have found a loop hole in insurance fraud cases in Iceland.

It is estimated that insurance fraud in Iceland can amount to billions of Kr√≥nur a year. Such instances of fraud lead to unequivocally higher expenses for the insurance companies’, and this is passed on to the public, who therefore get indirectly harmed by insurance fraud. Among the key things that can be seen in the claims base is whether the same damage has been paid out by more than one insurance company.

Information contained in the claims base is included in the updated policyholder’s terms. The claims base will record the claim reported to the insurance companies that are members of the Financial Services Association (SFF), with the exception of damages covered by life and health insurance. SFF is the operator and controller of the claims base, and Creditinfo has been hired to be the processor of the database with authority from the Data Protection Authority. The insurance companies’ customers can access information from the claims database on My Creditinfo – mitt.creditinfo.is