IFB targets growth with new appointment
15 May 2013
- Bureau to consult brokers on fraud fight at BIBA 2013
The Insurance Fraud Bureau (IFB) is targeting further growth in its customer base having appointed a new Business Development Manager, Danny King.
A former Strategic Relationship Manager and Key Account Manager at AXA Insurance, Danny King will lead the Bureau’s acquisition of customers, whilst exploring how the IFB’s membership model can be enhanced to enable more UK brokers to join the fight against fraud.
Ben Fletcher, IFB Director, said:
“The IFB’s strength is built on the power of the collective. The Bureau’s ability to identify organised fraud relies upon our industry-spanning position, which grants us unique access to over 130 million insurance records.”
“New customers – whether that’s insurers, brokers or affiliates – provide the IFB with rich sources of claims and policy data to interrogate. It allows the Bureau to attack fraud from all angles and disseminate quality fraud intelligence on behalf of the industry.
“Danny has over 25 years’ experience within the insurance sector. His appointment represents a natural step in the IFB’s evolution, which will see us reaching out to all corners of our industry to counter organised fraud.”
King will attend this week’s British Insurance Brokers’ Association (BIBA) 2013 conference at the ExCeL Arena in London, where the IFB will host a roundtable consultation on the development of a new membership model for UK brokers.
The IFB was formed in 2006 to spearhead the collective fight against organised insurance fraud. Since its inception, the Bureau has overseen more than 750 arrests, securing over 200 years in prison for organised fraudsters. With a primary focus on the ‘crash for cash’ phenomenon, the IFB is currently managing 53 live police operations valued in excess of £67 million in potential losses to the industry. The IFB’s projected growth could see that portfolio increase to £160 million by 2014.
The IFB currently works on behalf of 43 customers, delivering a range of products and services to help the industry detect and disrupt organised insurance fraud. In addition to coordinating cross-industry investigations into fraud, the IFB disseminates intelligence reports alerting its customers to emerging scams and high-risk individuals. The Bureau also manages the public facing Cheatline, which receives over 3,000 reports of insurance fraud from members of the public every year.
Insurance Fraud Bureau – in numbers:
750+IFB-assisted arrests since 2006
200+years in prison for organised fraudsters
£160 million worth of organised fraud to be under IFB investigation by 2014
3,000+reports of fraud through IFB’s public Cheatline per year
130 million+ insurance records interrogated by IFB analysts to identify organised fraud patterns
1,700+ intelligence alerts issued to IFB customers in 2012.