New counter-fraud governance structure unveiled
12 October 2017
A new governance structure for the insurance industry’s counter-fraud utilities, encompassing the Insurance Fraud Bureau (IFB), Insurance Fraud Enforcement Department (IFED) and Insurance Fraud Register (IFR), has been announced today.
Following an industry-wide strategic review and consultation, a new two-tiered Board structure was unveiled at the IFB’s Conference in London, which will both govern and oversee the direction of the IFB, IFED and IFR.
The IFB’s Supervisory Board, comprising c-suite executives has been extended and welcomes representatives from the Association of British Insurers (ABI) and Lloyd’s. Alongside the existing responsibilities for the IFB, this Board will now also provide strategic oversight of IFED and the IFR. The Supervisory Board will continue to be chaired by AXA’s Group CEO, Amanda Blanc.
In addition, a General Insurance Fraud Committee (GIFC) has been formed comprising prominent fraud managers from across the industry, which will provide technical support and direction for the IFB, IFED and IFR. The GIFC will be chaired by RSA’s Head of Financial Crime, John Beadle.
Supervisory Board Members
General Insurance Fraud Committee (GIFC) Members
The two-tiered Board structure has replaced the previous set-up of individual decision-making groups for the utilities, which included the IFB’s Board and Technical Board, IFED’s Steering Group and Management Board, the IFR’s Steering Group and Technical User Group, and the ABI’s Financial Crime Committee.
Commenting on the formation of the new governance structure, Amanda Blanc said:
“Tackling fraud continues to be a high priority for the insurance industry, which is epitomised by the IFB’s ambitious and transformative future strategy. As part of that strategy development consultation, the industry was clear in its demand for a more streamlined and consolidated governance structure for the counter-fraud utilities.
With the formation of this new, two-tiered structure, the industry can be assured that fraud will continue to get air time at Board level, whilst continuing to develop the capabilities of our detection, enforcement and prevention capabilities.”