In the Saudi Arabian Cooperative Insurance Company (SAICO), we offer many insurance products that meet the needs of the Saudi market, according to the best international standards, and at the highest levels of quality. As we work to attract the best professional cadres specialized in this field, while adhering to all standards and regulations that developed by the regulatory authorities in the Kingdom, and we are fully keen to follow ethical and honest practices that prevent and detect fraudulent. We will make sure to cover the area of fraud with important information and questions, and we will also discuss the mechanism for filing fraud reports in SAICO to control this type of suspicious operation.
We are fully keen to follow ethical and honest practices that prevent and detect fraud. Click here to report fraud.
Any fraudulent acts, corruption, collusion, coercion, illegal behavior, misconduct, financial mismanagement, accounting abuses, the existence of a conflict of interest, any wrong behavior, illegal or unethical practices, or other violations of the applicable laws, regulations and instructions or cover up any of the above acts.
In order for SAICO Company to carry out its work in accordance with best practices and by creating an environment characterized by integrity and honesty, this channel has been designated only to receive incidents concerned with issues of corruption or violation.
Obligations of the whistleblower
The person reporting any violating case should comply with the following:
• Ascertaining credibility in reporting by avoiding any rumors and allegations that are not based on real facts.
• Avoiding Malicious Reports for the purpose of defaming the reputation of others, inflicting revenge on them, revenge or undermining confidence in the financial institution, its employees or stakeholders.
• The complete Confidentiality for the reported violation in order to achieve the public interest.
General obligations to protect the person reporting the violation:
The Company represented by the Violation Handing Unit, shall comply with the following in the event it receives any violation reporting:
• Not to disclose any information about the whistleblower.
• The reporter who conceals his name and identity and the company fails to identify him shall not have right to claim the protection covered under this policy as stated in (Point No.4 paragraph “B”).
• The company shall be committed to protect reporters of non-spiteful reports against any vindictive action against the reporter that may be issued by the company officials.
Fraud
Fraud is defined as the act or omission of an act designed to gain an unfair or unlawful advantage for the party committing the offense of fraud or for the benefit of other parties.
A. Misappropriation of assets.
B. Deliberate misrepresentation or failure to disclose a previous conception or design of a material fact.
C. Abuse of authority, a position of trust, or any fiduciary relationship.
D. Deliberately concealing and distorting documents or providing false information.
E. Exaggerating losses or intentionally damaging property and products
with the aim of earning compensation amounts.
- High insurance premiums.
- The cancellation of the insurance policy and the suspension of the insurance coverage of the client in the event of fraud detection.
- Increasing the time taken to settle losses due to the increase in procedures.
- Refusal of insurance claims and loss of compensation value.
- Taking legal action against fraudsters. – Financial losses for the insurance company are reflected negatively on its continuation of the activity.
The Saudi Arabian Cooperative Insurance Company (SAICO) takes strict measures to prevent all forms of insurance fraud, and is keen to develop an integrated methodology to discover this process, through:
- Developing and implementing an information system for fraud control.
- Allocating an integrated team to follow up on reports managed by the specialized anti-fraud unit team.
- Cooperating with the regulatory and legislative authorities in the Kingdom, such as the Central Bank of Saudi Arabia (SAMA)and the Health Insurance Council (CCHI).
- Allocating a free email and phone number around the clock to receive fraud reports.
To help us confront insurance fraud, we place great emphasis in fraud prevention on the awareness and cooperation of our customers and members of the community around us, where these acts can be prevented and combated by directly reporting any suspected actions to the specialized fraud unit, through one of the available official channels. Frauds can be curbed by:
- Do not share your insurance data with any third party to benefit from it, and do not allow your insurance card to be used by anyone else.
- Avoid financial temptations from service providers to convince you to profit from insurance, in an attempt to reap benefits through insurance fraud.
- Carefully review the claims and bills sent to you by the insurance company, and always inquire about the cost of procedures that were not presented to you.
- When any fraudulent act is suspected or discovered; Inform the company directly via the available channels.
The Saudi Arabian Cooperative Insurance Company (SAICO) undertakes to maintain the confidentiality of information and materials related to fraud, and not to misuse such information received or maintained, and pledges to maintain the confidentiality of the data of the person reporting fraud in insurance. It also pledges not to disclose all information provided except for the supervisory authorities and parties related to the case who need to review it if necessary.