Insurance Fraud in the Indian market cause of stunted growth?

India is a huge market for insurance but the industry is bleeding losses due to fraud. Insurance fraud leads to around Rs 40,000 crore every year and makes up for 8.5 percent of the revenue that the industry generates. Many companies are starting up with separate departments just to access/ identify the risk and loss related to these frauds or scams.

The detection of insurance fraud generally starts with identifying suspicious claims....