Elite addition to IFB’s fraud fighting partnership
04 October 2013
Elite Insurance Company Limited has further bolstered the industry’s collective fight against organised fraud having 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 currently investigating 60+ organised fraud rings across the UK with scams valued in excess of £75 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 customers.”
The IFB was formed in 2006 to spearhead the collective fight against organised insurance fraud. Since its inception, the IFB has assisted police with 829 arrests, securing more than 215 years in prison for organised fraudsters.
“Collaboration is key to our (the IFB’s) success in fighting organised fraud,” Ben Fletcher added. “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.”