Southern Rock Joins the IFB's Fight Against Fraud
01 July 2014
A Gibraltar-based insurer, Southern Rock underwrites personal motor policies in the UK sold through its Go Skippy brand, with all claims handled by Newcastle-based Eldon Insurance. With a growing book, Southern Rock was the largest personal lines motor insurer not already working with the IFB and will use IFB intelligence to help stamp out fraud.
Established in 2006 to tackle organised motor fraud, the IFB has significantly increased capacity and extended its products and services in recent years, steadily growing its membership in the process.
Application fraud products introduced by the IFB in 2013 now allow insurer and broker members to tackle fraud at point of sale, whilst the forthcoming introduction of commercial vehicle data (from the MID2 database) is expected to enable the IFB to identify more 'Crash for Cash' scams and abuse of trade policies by so-called 'Ghost Brokers'.
Currently investigating more than 110 organised fraud rings across the UK, with scams valued at around £120 million, the IFB will benefit from the additional data and intelligence that Southern Rock will provide.
Chris Gillighan, Managing Director of Southern Rock, said: "Southern Rock is excited to see what incremental value becoming members of the IFB will allow us to achieve. We already have comprehensive fraud systems in place and the addition of the extra capabilities such as the ghost broking tool will allow us to further enhance our strong fraud controls. We constantly seek new ways to improve our processes and to provide a superior customer journey and claims experience for our policyholders. Becoming members of the IFB was an obvious next step for us and we are looking forward to both sharing, and making use of data that will be made available by the IFB and other members."
Ben Fletcher, Director of the IFB, said: "The IFB's success has been built on the 'power of the collective'. With unique access to cross-industry data, the IFB identifies patterns and trends that individual insurers could not find on their own.
"The IFB also works with regulators and law enforcement agencies to take decisive action against organised criminal gangs persistently targeting our industry. Having Southern Rock on board enhances both the information at our fingertips and the scale of our collaborative efforts to combat fraud."
The IFB was formed in 2006 to spearhead the collective fight against organised insurance fraud. Since its inception, the IFB has assisted police with over 975 arrests and helped secure total jail terms of more than 245 years for organised fraudsters.