We recently invited over a dozen life and health insurers to a roundtable jointly hosted with ABI (Association of British Insurers) to explore how we could support this industry with their fraud prevention defences utilising the skills and services of the IFB.

In recent years life insurers have gained a better understanding of fraud risks to their businesses including the impact on customers, independent financial advisors, suppliers, third parties and reinsurers. There’s now a greater appetite for the industry to do more to prevent and detect fraud from both as an individual insurer and from a cross-industry perspective, and we’re pleased to share that a data sharing proof of concept is being considered for this industry area.

Our proposals will explore the benefits and challenges of cross-industry data sharing to prevent and detect life insurance fraud, including how this will be achieved, predicted outcomes and governance framework.

A further roundtable will be held in the coming months and a working group is being formed to assess specific life and protection fraud threats and requirements for this proof of concept.

Any questions?

If you’d like to get involved or have any questions, please contact Ursula Jallow, Director at the IFB, at ursula.jallow@insurancefraudbureau.org