Motor-only specialist becomes first Lloyd’s of London insurer to become a member of Insurance Fraud Register
ERS has become the first Lloyd’s insurer to gain Insurance Fraud Register (IFR) membership.
Effective immediately, the motor specialist insurer will share its fraud data with other members of the database, while accessing existing intelligence to help shape its own counter-fraud measures.
The IFR enables insurers to crosscheck their policyholder information against records of known insurance fraudsters on the database. Where a check identifies a match, the insurer can take action to limit or prevent becoming exposed to fraud.
ERS’ head of counter fraud Steve Gaywood said: “Our IFR membership builds on the progress we have made so far and as we continue to invest in our intelligence partnerships so that we can identify more fraud. The intelligence available through the IFR will certainly expedite, where necessary, the investigation of quotes, policies and claims to mitigate or prevent fraud before it occurs. We do not want to do business with fraudsters and our membership supports our zero-tolerance approach.”
Ben Fletcher, director of the Insurance Fraud Burea (IFB) added: “We’re delighted to have ERS on board as our first Lloyd’s insurer. We look forward to seeing more London market insurers recognise the value of IFR membership as part of their counter fraud strategies. Quite simply, the more insurers we have sharing information through the database the more empowered we are to identify and prevent the incidence of fraud to better protect honest customers.”
The addition is in line with the IFB’s plan to broaden utilisation to a wider proportion of the insurance market.