Elite Insurance Company Limited has signed up as the newest member of the Insurance Fraud Bureau (IFB).
Having recently announced its expansion into the UK motor market, Elite Insurance become the 45th member of the IFB, who are investigating 60-plus organised fraud rings across the UK with scams valued in excess of £75m.
Ben Fletcher, Director of the IFB, said: “The IFB commands a unique position within the insurance sector, which enables us to identify cross- industry fraud patterns and expose criminal gangs that repeatedly target our customers.”
The IFB was formed in 2006 to head the fight against organised insurance fraud. Since then, the IFB has assisted police with 829 arrests, securing more than 215 years in prison for organised fraudsters.
Fletcher added: “Collaboration is key to our (the IFB’s) success in fighting organised fraud. IFB customers provide the data that enables our fraud analysts and cutting-edge software to identify fraud patterns that appear invisible to insurers working in silo.”
John Hutchison, Compliance Manager at Elite, said: “No insurer is immune to the risks posed by fraudsters. By joining the IFB, Elite is sending a message to our customers that fighting fraud and protecting honest policyholders is an absolute priority to us.”
According to the IFB, undetected general insurance claims fraud total £2.1billion a year adding on average £50 to the annual costs individual policyholders face, on average, each year. For further information about the IFB – see the bureau’s Frequently Asked Questions page.
