BT becomes member of Insurance Fraud Bureau
BT has joined the insurance industry’s collective fight against organised fraud by becoming the latest member of the Insurance Fraud Bureau (IFB).
BT will contribute claims data across all of its fleets.
Historically the IFB has focused its activity on the personal lines sector. However, with more self insured fleet companies joining the bureau and sharing data within this field, the IFB will now increase its ability to tackle fraud involving commercial vehicles.
Somto Obi, risk consultant at BT said: “We see IFB membership as key to addressing the problem of organised fraudsters targeting our fleet vehicles with induced crashes. This type of criminal activity puts our employees at risk and costs us hundreds of thousands of pounds in fraudulent insurance claims.
"We understand the importance of working collaboratively and are keen to proactively share our claims data and look forward to sharing the benefits associated with the power of the collective. Furthermore, with the help of the IFB we aim to arm our drivers with the knowledge and confidence to identify and report suspicious claims.”
John Beadle of the IFB board added: "We are delighted to welcome BT as a Bureau member and look forward to the additional data that will become available to the benefit of all members and in the fight against insurance fraud.”
In related news, reported fraud in the UK exploded in 2009 and broke the £2bn barrier for the first time according to new research from accountants and business advisers BDO LLP. The amount lost by businesses and the public sector to larger frauds increased last year by a startling 76 per cent during the recession, with both the number and size of frauds increasing dramatically.
Simon Bevan, head of fraud at BDO, said: “2009 saw the steepest increase since our report began seven years ago, with the average value of each fraud now over £5m compared to £1.8m in 2003."