Investigators and loss adjustors are among new, affiliate, members of the Insurance Fraud Bureau (IFB). The industry body, which offers a Cheatline as a free and confidential way for anyone to report insurance fraud, opened its membership to the insurance industry supply chain, including defendant solicitors and third-party administrators.
After the launch of the IFB’s ‘Affiliate Model’, ten new members have joined the insurance industry’s collaborative work against fraud: BLM, The Cotswold Group, CoventBridge Group, DAC Beachcroft, DWF LLP, Hill Dickinson, Horwich Farrelly, Kennedys Law, Keoghs and Robertson & Co. Affiliate members will have access to fraud intelligence alerts issued by the IFB and will contribute to the 150-plus cross-industry investigations managed by the Bureau.
Ben Fletcher, Director of the IFB, said: “Launching an IFB affiliate membership model is a significant step forward for the insurance industry in establishing a truly holistic counter-fraud strategy. The insurance industry has always benefitted from a proactive and experienced supply chain of defendant lawyers, investigators, loss adjustors and third-party administrators, whose access to data can only enrich the fight against fraud. The data and intelligence held by affiliate firms, combined with their expertise and experience will support in closing the net on systematic fraud – more savings for the industry, more convictions and less opportunity for the fraudsters.”
Meanwhile the IFB reports that membership to the Insurance Fraud Register (IFR) now stands at 62pc of the general insurance market after a recent increase. More fraudsters’ records are being loaded to the database, with the total volume of records now approaching the 15,000 mark. More quality records of proven fraudsters on the database means more data is shared between IFR members, the IFB adds.
The IFR holds details of first and third party fraudsters, suppliers and professional enablers who have committed or facilitated fraud across all product lines. The official Insurance Fraud Taskforce recommended that insurers should use the IFR as a fundamental tool in their fraud detection, as members have the ability to share details of known fraudsters which can be used to help insurers identify fraud at any stage in the policy lifecycle. Where that check identifies a fraudster, the insurer can act, and help limit the chances of being caught by fraud. Any insurance company that wishes to formally register can do so through the IFR website.
James Dalton, Director, General Insurance Policy at ABI, added: “The IFR continues to go from strength to strength. It is increasingly enhancing insurers counter fraud capabilities and can be used in a way that best fits with an insurer’s own business model. It also meets the FCA’s regulatory expectation that insurers work collaboratively through collective action to mitigate the threat of financial crime and its impact on consumers.”
