“Built by the industry, for the industry” counter-fraud database using real-time data goes live
13 June 2019
A key milestone has been reached in developing an industry-wide counter fraud intelligence sharing platform today, as 11 market-leading insurers gained access to the Insurance Fraud Intelligence Hub (IFiHUB).
IFiHUB, which is powered by SAS, 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 tranche of insurers to start using the system.
Ben Fletcher, Director of IFB (Insurance Fraud Bureau) explained: “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 £1 billion worth of fraud each year, with undetected fraud estimated to cost a further £2 billion*. IFiHUB is expected to be a key asset in helping to protect the industry and consumers from these financial crimes.
The groundbreaking platform was developed following an industry consultation to support IFB’s mission to evolve the insurance industry’s fight against fraud. Sitting alongside the Insurance Fraud Register (IFR) – which insurers have loaded with almost 25,000 records of proven fraud since it was launched in 2013 – the IFiHUB will hold industry data on suspected fraudsters and professional enablers.
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.”
A privacy impact assessment alongside counsel from a leading Barrister on data protection has ensured the design and build of the platform has been built with compliance and integrity of the data at the forefront.
“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” - Chris Hallett, Head of Third Party Claims at First Central.
“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” - Graham Gibson, Chief Claims Officer at Allianz Insurance.
“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” - Mike Bennett, Head of Investigations & Fraud Control at AXA UK.
“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” - Paul Twilley, Claims Director at Mulsanne Insurance.
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*Fraud costs according to ABI (Association of British Insurers).