Transforming the Fight: IFB’s new counter-fraud strategy unveiled 

The IFB has today launched Connected to Protect, its five-year strategy developed in response to members’ needs and aimed at propelling the industry into a new era of fighting insurance fraud.

Connected to Protect promises to increase the quantity and quality of data held by the IFB, unlock opportunities for the industry in the UK as well as globally, and further raise public understanding of insurance fraud. This is well-timed given the heightened government and regulatory expectations on the insurance sector following the signing of the Insurance Fraud Charter, developed in response to the UK Economic Crime Strategy.

Karl Helgesen, Chair of the IFB Board, commented:

“Through our five-year strategy, Connected to Protect, we’ll be propelling the industry forward so we’re all in the best position to reduce our fraud-related exposure, protect the honest customer and create a positive societal impact. We’ll be rallying our members and the wider industry, as well as creating new partnerships, to help achieve our ambitions by 2030.”

Building on the foundations laid by the previous Forward Together 2023-25 strategy, Connected to Protect sets out the IFB’s ambitions for the next five years across three key themes:

Stand Together Against Fraud

Members will benefit from a more connected counter-fraud ecosystem across the UK and internationally as the IFB will build new and stronger relationships across government, regulators and international agencies, facilitating more intelligence and data-sharing opportunities.

As a trusted partner, the IFB will take the lead on creating the first ever industry-wide counter-fraud strategy to help strengthen cross-sector resilience and demonstrate how much insurers are doing to tackle insurance fraud.

Reimagine Data and Intelligence

Connected to Protect will deliver a unified technology platform that will bring the IFB datasets together in one place, alongside a fraud investigation case management system. These efficiencies will help drive operational improvements that will ultimately reduce fraud-related costs.

Members will be encouraged to actively contribute data intelligence to the industry data hub. This will help the IFB to expand product line data and intelligence where needs are currently unmet. To address data theft, the IFB will go one step further and build a new mechanism on behalf of the industry.

Deepen Knowledge and Trust

The industry will start to see more recognition and response from the public on the issue of insurance fraud as the IFB develops a cross-industry communications strategy that will see new audiences being targeted and a stronger push to increase CheatLine reports.  This will be alongside working with members and partners to deliver new education initiatives that influence a lasting societal change.

With the future of the industry in sight, the IFB will also support the drive to nurture the next generation of counter-fraud professionals through meaningful initiatives that build knowledge and encourage innovation.

Ursula Jallow, Director of the IFB, added:

“Ultimately, the next five years hinge on increased collaboration around intelligence and data between the IFB, our members, our partners and the public.

“We know that the single technology solution is much anticipated as it will result in efficiencies and enhanced insights for our members. It will also help encourage more intelligence sharing and this is critical to help us expand further into different product lines. At the same time, we’ll be breaking down barriers to enable more cross-sector data sharing and generating deeper understanding from the public so they feel compelled to report fraud to the CheatLine, creating a richer picture to help us tackle the issue.”