Tradex joins the IFB's fraud-fighting membership! 

Tradex Insurance Company Limited has joined the Insurance Fraud Bureau (IFB) membership to play a key role in the industry’s collective fight against fraud. Tradex underwrite diverse Personal Lines and Commercial lines distributed through Markerstudy and Clegg Gifford.

To help combat fraudsters Tradex will be accessing the IFB’s bespoke counter-fraud solutions and cross-industry initiatives, strengthening their own fraud defences while contributing to the wider industry’s fight against fraud.

Sid Gulati (Chief Underwriting Officer) at Tradex Insurance Company Limited, commented:

“We are delighted to have joined IFB and looking forward to reaping the benefits from this partnership. Supplementing the fraud modelling capabilities with cross-sharing of intel and data from IFB will provide a strong combination in combating fraud and to protect our genuine consumers.” 

Tradex have authorised Markerstudy to accept a variety of classes, handle claims, including management of application and claims fraud on their behalf. Tradex Insurance Company Limited was acquired by Saturn Holdings limited in 2023. Saturn Holdings Limited is owned by Pollen Street Capital.

Clare Lunn, Group Head of Fraud at Markerstudy, said:

“Fraud within the industry affects us all, so it’s vital that we share best practice, emerging threats and take an intelligence-led approach to fraud investigations and contribute to cross-industry investigations. It’s exciting news that Tradex have joined IFB and we look forward to working together with IFB to fight fraud and protect our genuine customers.”

Ursula Jallow, Director at the IFB, added:

“We’re really pleased Tradex has become an IFB member. Fraudsters are relentless and constantly evolve their tactics to target the likes of personal motor lines - which is the largest portfolio of Tradex – making industry collaboration vital in the collective fight against fraud. Tradex’s insights will undoubtedly help the industry’s efforts to reduce fraud risks, which ultimately protects businesses and the public alike from the harmful effects of insurance scams.”

The IFB, which is a not-for-profit organisation, coordinates intelligence sharing and cross-industry investigations to help bring insurance fraudsters to justice.

Tradex will now have access to the IFB’s counter-fraud solutions, notably including IFB Exploration which uses AI to adapt and evolve to emerging threats, generating an average 40 fraud network reports each week.

Furthermore, they will be able to collaborate in cross-industry initiatives, such as the Commercial Fraud Intelligence Group (CFIG) and contribute to industry-led awareness campaigns via the General Insurance Fraud Committee’s (GIFC) Comms Working Group.

Fraud is estimated to cost the insurance industry over £2 billion a year, with tens of thousands of fraudulent applications and claims detected annually.

Find out more about Tradex at tradex.com and the IFB at insurancefraudbureau.org