Industry extends commitment to the Insurance Fraud Register
07 July 2016
- ABI’s General Insurance Council Management Committee (GIC) approved a recommendation from the IFR Steering Board to extend the funding commitment for an additional 3 years
The insurance industry has extended its commitment to the Insurance Fraud Register (IFR), a landmark initiative in the fight against insurance fraud. The IFR is an Association of British Insurers (ABI) sponsored initiative, with the service being managed on a day-to-day basis by the Insurance Fraud Bureau (IFB). The ABI’s General Insurance Council Management Committee (GIC) has approved the recommendation to extend the service until 2020.
The IFR holds details of first and third party fraudsters, suppliers and professional enablers who have committed or facilitated fraud across all product lines. Members of the IFR have the ability to share details of known fraudsters which can be used to help insurers identify fraudsters at any stage in the policy lifecycle. This information is then available to all of the IFR’s members across the insurance industry. The IFR is currently being used by 43% of the insurance market, with a further 35% actively engaged in the process of becoming active users of the system. To enable that continued on-boarding to take place as seamlessly as possible, the IFR Steering Board has made the recommendation that the contract should be extendedfor a further three years with the existing supplier, BAE Systems.
Ben Fletcher, Director of the IFB, said: ‘The IFR is a key component within the industry’s counter-fraud strategy which focusses on prevention, detection and enforcement. The industry’s commitment to the IFR indicates that insurers are realising the benefits of the register while fraudsters are experiencing the serious consequences of their details being placed on the register.’
James Dalton, Director, General Insurance Policy, Association of British Insurers, said:“This continued commitment to the IFR underlines how important intelligence gathering and data sharing is in tackling fraud. The Register continues to evolve and is playing an increasingly important role in the fight against insurance fraud to protect honest customers.”