SAS to deliver industry-wide fraud intelligence sharing ‘hub’
15 July 2016
- IFB select preferred supplier to deliver new platform – expected to launch in 2017.
- Improving data sharing - response to Insurance Fraud Taskforce recommendation.
SAS have been selected as the Insurance Fraud Bureau’s (IFB) preferred supplier to deliver an industry-wide fraud intelligence sharing platform.
Following a competitive tender process, SAS were selected to develop the platform, which will enable the insurance industry to share details of suspected frauds across all product lines ranging from opportunistic to organised. Expected to launch in 2017, the Insurance Intelligence Hub (IIH) will complement the Insurance Fraud Register (IFR), which already sees insurers share details of proven fraudsters.
Ben Fletcher, Director of the IFB, said: “The Insurance Fraud Taskforce report highlighted improved data sharing as a key weapon in the insurance industry’s armoury to fight fraud. But we must ensure as a collective that we are using data efficiently and compliantly. In partnership with SAS, the industry will develop an intelligence sharing solution, which will help insurers disrupt fraud more effectively, reducing duplication of effort and challenges with the current landscape, whilst providing a strong platform from which to engage other sectors fighting fraud.”
Procurement for the platform was kick-started following the IFB’s strategic review in 2015, whereby the insurance industry highlighted the necessity for consistent and compliant intelligence sharing across the sector.
Ben Fletcher added: “A holistic approach to intelligence sharing is the only way to keep pace with the fast-changing face of fraud. With access to cross-industry intelligence, the IFB will be able to identify new and emerging threats to the sector, helping insurers to safeguard against losses.”
Mark Wilkinson, SAS Regional Vice President – Northern Europe, said: “We are naturally delighted to be chosen by the IFB to provide this intelligence sharing platform in the fight against fraud. The UK insurance industry is evolving rapidly to meet the changing demands of the modern consumer and deliver more streamlined interactions. However, there is a continual risk of being exposed by increasingly sophisticated fraudsters, so it’s vital that insights from advanced fraud analytics can be shared across the industry to tackle this threat head on.”