ORINCO Launches ClaimsVAULT to Tackle Insurance Fraud in Belize

Belize’s insurance industry reached a landmark moment today with the launch of ClaimsVAULT Belize, the country’s first shared motor claims intelligence system. Developed by the Organization of Insurance Companies (ORINCO) in partnership with EPIC Technologies of Jamaica, the platform allows insurers to securely share claims data, helping them detect fraud, speed up investigations, and make fairer decisions for policyholders. Industry leaders say the initiative will strengthen collaboration among companies, protect honest drivers, and provide valuable national data on accident and fraud trends.

 

Andrew Roe, CEO, Roe Group Companies

“This system, while the insurance companies will have better insight into information and be able to underwrite better and be able to identify claims fraudsters more quickly, the benefit of this system and the investment of time, money, and energy that’s been taken will ultimately benefit all of our policyholders. When the insurance companies are able to detect and hopefully root out fraud, we save our customers and our policyholders money because the cost of fraud is transferred to all policyholders. In addition, safe drivers who have gone years without having an accident won’t be penalized for the losses of the others. Because after today, when this system is launched, we’ll be able to see who the safe drivers are and who the unsafe drivers are, which will allow our underwriting teams and our companies to make better underwriting decisions, and it will ultimately benefit the majority who drive the roads safely.”

 

Alma Gomez, Supervisor of Insurance, OSIPP

“In the first quarter of twenty twenty-six, motor vehicle insurance claim paid was reported at five point three million, with five point five million outstanding claims brought forward. In the case of health insurance, claims paid was reported at five point one million, with claims outstanding brought forward of two point three million. Just one quarter paints the scenario. Insurance companies are reporting losses in these key major sectors.To manage the losses, costs need to be adjusted, and in many cases, premium is increased or the line of business is discontinued altogether, something Andrew and Norman had alluded to. Insurers are now required to conduct enterprise risk assessments to manage their risk. This claims vault is bound to assist them in assessing both their underwriting and claims risk. If used properly, the claims vault should provide useful statistics on recurrent types of claims. Typologies can be derived from the aggregated data.”

 

The ClaimsVAULT Belize initiative promises customers transparency, speedy claim resolution, broader protection.

 

Attention readers: This online newscast is a direct transcript of our evening television broadcast. When speakers use Kriol, we have carefully rendered their words using a standard spelling system.

 

Watch the full newscast here: