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Ageas Retail business joins industry’s fight against organised fraud

13 December 2013

The Ageas Retail business has become the latest member to join the insurance industry’s fight against organised fraud, having signed-up to the Insurance Fraud Bureau (IFB).

Ageas Retail, which consists of over 50s insurance specialist RIAS and Castle Cover, alongside Kwik Fit Financial Services and Ageas Insurance Solutions, is the UK’s fourth largest Personal lines intermediary with over 1.8 million policyholders. It becomes the 46th member of the IFB, which is currently investigating more than 60 organised fraud rings across the UK with scams valued in excess of £80 million.

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 members’ customers. The Ageas Retail business brings a number of significant consumer brands and customer numbers to our member base, and their customer data will help us to strive to continue to collaboratively identify fraud patterns. Our cutting-edge software and analysis, coupled with this important data, helps protects both insurers and customers – which is hugely beneficial for all involved.”

Mark Cliff, CEO of Ageas Retail comments:

“Ageas has always been committed to protecting genuine customers by helping drive down the cost of insurance fraud. It’s a great step to extend our relationship with the IFB by our Retail business joining as its latest member. We look forward to strengthening our involvement and continuing to work together as an industry to fight fraud.”

The IFB was formed in 2006 to spearhead the collective fight against organised insurance fraud. Since its inception, the IFB has assisted police with 889 arrests, securing more than 225 years in prison for organised fraudsters.