The IFB’s three-year strategy, ‘Forward Together’, lays the foundations to evolve and better serve our members in the face of the rapidly changing industry alongside the nature of fraud. During this time of change, a major focus has been on reflecting and articulating the value of the IFB, resulting in the development of a new value proposition. Ursula Jallow, Director, talks about just how significant this is.

With the IFB in year two, of its three-year strategy, why is it important to have the value proposition in place now?
In a world that focuses on ROIs and competing budgetary demands, being able to articulate the tangible and non-tangible benefits the IFB brings is something we know is highly important to our members.

A lot of time and effort went into researching our value proposition to ensure it describes our role in helping reduce members’ pain points, support their ability in preventing fraud and how this connects to the IFB’s products and services. It really does open up a dialogue about how each member can get more value out of the IFB.

Also, as we look to broaden our membership, it’s important we have our value clearly articulated for our existing members and potential members of the future. 

What work did you do to ensure that it’s truly reflective of what’s on members minds?
We spent time with other insurance sector not-for-profit organisations and other fraud prevention agencies to understand the process they went through in developing their respective value propositions so we could apply some of their learnings. We then started a series of deep-dive interviews and workshops with the IFB Board, General Insurance Fraud Committee and completed individual meetings with our wider membership. This part was critical as we needed to make sure we accounted for a range of perspectives, understanding where the value of the IFB truly lay so we could develop the right themes based on evidential proof points.

What can members expect when reading the value proposition?
Three core key pillars emerged that encompass what we live and breathe, whilst also highlighting the value to members every step of the way. The document includes examples of each of these pillars and exemplifies how this is at the very core of the IFB.

For example, we know you want to make decisions on a potential fraud case from identification, investigation decision to final settlement and we provide the data, analytics and intelligence to enable you to make informed decisions. We understand you are concerned about poor customer perception when it comes to fraud controls so deliver Prevention campaigns to educate the public on your behalf to help instil confidence.

Lastly, we maintain trusted partnerships and leverage our position to securely gather insights from across our membership and coordinate with law enforcement.

What do you want members to do now it’s in place?
We launched the value proposition at the IFB’s Annual Briefing in October to a positive response, so would encourage members to become familiar with it.

Consider if you are already getting this value out of the IFB or are there ways you can engage with us, and our products and services more. This can range from sharing intelligence or searching on the IFiHUB, IFR or IFB Exploration, attending intelligence forums and events, or collaborating on ideas for our Prevention campaigns.

We’ll start to talk about this publicly as we develop our 2025 communications and marketing plan, and you’ll start to see these themes play out on social media. Please comment and share as showing industry collaboration and support is essential for demonstrating your support.