New member supports IFB fraud fight
10 May 2013
Tradewise has signed-up as a new member of the Insurance Fraud Bureau (IFB), boosting the industry’s collective fight against organised fraud.
Tradewise claims and policy data will be added to the 130 million insurance records interrogated by IFB analysts on a daily basis to identify more cross-industry, organised fraud patterns. With over 80,000 policyholders on their books and handling in excess of 10,000 claims per year, Tradewise become the IFB’s newest customer, with the Bureau now working on behalf of 44 organisations across the industry.
Ben Fletcher, IFB Director, said:
“Identifying organised fraud has to be a cross-industry effort. Access to more claims data improves the IFB’s ability to identify fraud and disseminate vital intelligence on behalf of the industry.
“New customers are therefore fundamental to the IFB’s continued success. In 2013 and beyond, the Bureau will strive to expand its customer base, further enriching the quality of fraud intelligence produced. The appointment of a Business Development Manager in the coming weeks will be an important step forward in this process.”
The IFB was formed in 2006 to spearhead the collective fight against organised insurance fraud. Since its inception, the IFB has overseen more than 750 arrests, securing over 200 years in prison for organised fraudsters.
Mike Tyler, CEO of Tradewise Insurance Services Limited, said:
“Protecting honest policyholders by fighting fraud is incredibly important to Tradewise. By joining the IFB, we play our part in identifying those criminals who repeatedly target our industry and pick the pockets of our customers. No business is immune to the threat posed by fraud – through the IFB we make a collective stand against criminality.”
With a primary focus on the ‘crash for cash’ phenomenon, the IFB is currently assisting 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.