11 major insurers have been given access to the Insurance Fraud Bureau’s new IFiHub as it looks to help fight the £2bn annual fraud cost
11 major insurers have been given access to the Insurance Fraud Intelligence Hub (IFiHub) by the Insurance Fraud Bureau (IFB), after the platform went live today.
Powered by SAS, the IFiHub will see insurers sharing intelligence in real-time to help catch out fraudsters.
Ageas, Allianz, AXA, ERS, Markerstudy, Mulsanne Insurance, QBE, RSA, and 1st Central are amongst the first to be granted access and to start using the platform.
Ben Fletcher, director of IFB said: “IFiHUB has been built by the industry, for the industry – to deliver a powerful counter-fraud tool. It was recognised that fraud intelligence had historically been shared inconsistently and therefore inefficiently. By developing a single platform for insurers to share intelligence in real-time, IFiHUB is a real game changer for our sector.”
Insurers detect more than £1bn worth of fraud each year, with undetected fraud estimated to cost a further £2bn. The IFB hopes the IFiHub will be a ”key asset” in helping to protect the industry from fraud.
Fletcher added: “Once matured, the IFiHUB will be utilised to develop data-lead strategic threat assessments. It will also provide a platform from which the insurance industry can share intelligence with other sectors.”
Some of those who have already been given access to the platform, have expressed their delight at it going live.
Chris Hallett, head of third party claims at First Central said: “We take the prevention and detection of motor insurance fraud very seriously, both within our own business as well as in the wider industry. We are proud to be among the first motor insurance providers to use the IFiHUB, and to share with the market data which will assist our industry’s fight against fraud”.
Graham Gibson, chief claims officer at Allianz Insurance commented: “Allianz is very pleased to be amongst the first insurers to try out the IFiHUB. The insurance industry has been calling for greater collaboration for some years and the IFB’s new platform, which is instantly updated with real-time data, should now enable insurers to come together and share intelligence. We look forward to proactively working together to tackle insurance fraud”.
Mike Bennett, head of investigations and fraud control at AXA UK added: “This tool is great and it adds to our own detection processes, which are already strong. The industry is sharing more information than ever before; that makes us all more reactive and quicker to defeat fraudsters. AXA is proud to be among the early adopters and looks forward to more insurers joining”.
Finally, Paul Twilley, claims director at Mulsanne Insurance said: “Mulsanne anticipate that the launch of the IFB’s IFiHUB will be a significant step taken in the insurance industry’s collaborative fight against fraud. As early adopters of the system Mulsanne are keen to start implementing the use of real-time data to harness the best possible results in a collaborative effort with other IFB members”.
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