Interviews

Fraud consultation

by Mark Rowe

The Insurance Fraud Bureau (IFB) has launched an industry-wide consultation on its strategic direction. The consultation calls on the insurance industry to help shape the direction of the IFB by considering its expansion into new product lines besides motor and its role in developing an industry-wide grey data (intelligence) management framework.

IFB Director, Ben Fletcher, said: “Having delivered against the plan set by the industry in 2011, there is a growing appetite amongst our customers and stakeholders to evolve the remit of the IFB. The two big ticket items currently being discussed could see us extend the IFB service to fight fraud in product lines beyond motor, and take the lead on grey data management on behalf of the industry.”

Besides an online survey the IFB has workshops with members and meetings with industry bodies, law enforcement agencies, regulators and others. The Bureau reports that it has increased the number of organised, cross-industry motor fraud investigations it manages by three-fold since 2012, with the IFB handling 110 live operations valued in excess of £120m in terms of industry exposure.

The IFB says that it has also increased the volume of fraud intelligence issued to the industry by over 80 per cent, launched new products to help insurers detect application fraud and increased reports of fraud received via Cheatline – 0800 422 0421 – by 70pc since the last strategic review.

Fletcher added: “Fraud has become a boardroom agenda item – something that is on the radar of every insurer in the UK. The formation of the IFB, IFED and more recently the IFR have all been clear statements of intent to work collaboratively to tackle fraud. Setting the IFB‟s future strategic direction is the next important step.”

About the IFB

The IFB launched in July 2006 for the detection and prevention of organised, cross-industry fraud, supporting the wider Association of British Insurers (ABI) industry fraud strategy. The IFB lworks with the Police and law enforcement agencies. Visit www.insurancefraudbureau.org.

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