IFB Launches Consultation on New Strategy
11 June 2014
- IFB opens strategic consultation
- Fletcher urges industry to "shape IFB's future"
The Insurance Fraud Bureau (IFB) has today launched an industry-wide consultation on its future strategic direction.
The consultation calls on the insurance industry to help shape the future direction of the IFB by considering its expansion into new product lines besides motor and its role in developing an industry-wide grey data (intelligence) management framework.
IFB Director, Ben Fletcher, says the consultation launched today will enable the industry to "shape the future of the IFB from 2015 and beyond" in what he describes as a "seminal moment in the industry's collaborative fight against fraud".
Fletcher said: "Having delivered against the plan set by the industry in 2011, there is a growing appetite amongst our customers and stakeholders to evolve the remit of the IFB. The two big ticket items currently being discussed could see us extend the IFB service to fight fraud in product lines beyond motor, and take the lead on grey data management on behalf of the industry."
In shaping the IFB's future strategy over the coming months, the feedback from the online survey will complement workshops with existing members and meetings with industry bodies, law enforcement agencies, regulators and other key stakeholders.
Set up by the insurance industry in 2006, the IFB has delivered against a clear set of objectives since its last strategic review in 2011. The Bureau has increased the number of organised, cross-industry motor fraud investigations it manages by three-fold since 2012, with the IFB currently handling 110 live operations valued in excess of £120 million in terms of industry exposure.
The IFB has also increased the volume of fraud intelligence issued to the industry by over 80%, launched new products to help insurers detect application fraud and increased reports of fraud received via Cheatline by 70% since the last strategic review.
"Fraud has become a boardroom agenda item – something that is on the radar of every insurer in the UK," Fletcher added. "The formation of the IFB, IFED and more recently the IFR have all been clear statements of intent to work collaboratively to tackle fraud. Setting the IFB's future strategic direction is the next important step."