Octagon bolsters insurance industry’s fight against fraud
01 March 2013
Octagon Insurance Company Limited has become the latest organisation to sign up as a member of the Insurance Fraud Bureau (IFB), bolstering the industry’s collective fight against organised fraud.
With over 180,000 policyholders on its books and handling 25,000 claims a year, Octagon Insurance (a provider of car and van insurance) will supply a vital new source of data for the IFB to interrogate and identify cross-industry, organised fraud patterns.
Ben Fletcher, on his first day in post as new IFB Director, said:
“The IFB’s strength is built on the power of the collective and welcoming Octagon as a new customer further enriches the volume and quality of data we can convert into fraud intelligence on behalf of the industry.
“With access to 130 million cross-industry insurance records, the IFB commands a unique position to identify organised crime patterns. Working alongside our customers and law enforcement agencies, our job is to take out those criminal gangs who repeatedly target our industry, costing our businesses hundreds of millions of pounds every year.”
The IFB was formed in 2006 to spearhead the collective fight against organised insurance fraud. Since its inception, the IFB has overseen more than 700 arrests, securing almost 200 years in prison for organised fraudsters.
Claire Hazlehurst, Underwriting Director of Octagon Insurance, said: “Octagon is 100% committed to fighting insurance fraud. By joining the IFB, we will share our knowledge and experience of insurance fraud with other insurers which in turn will help to detect and reduce fraud. The end result being cheaper motor insurance premiums for customers and lower costs
for the insurance industry as a whole.”
With a primary focus on the ‘crash for cash’ phenomenon, the IFB is currently managing 44 live police operations valued in excess of £66 million in potential losses to the industry. The IFB’s projected growth could see that portfolio increase to £160 million by 2014.