GoCompare becomes first comparison website to join IFB
15 May 2019
GoCompare, one of the UK’s most established comparison websites, has joined the Insurance Fraud Bureau (IFB) as an official member.
IFB is a not-for-profit organisation that acts as a conduit of information for the insurance industry, to help in the fight against fraud. This allows comparison websites, like GoCompare, to check suspicious entities against data and quickly receive an indication of whether there are suspicions of fraud.
This move builds on GoCompare’s existing efforts to tackle fraud, having partnered with Featurespace in December, to incorporate real time machine-learning to spot anomalies, block new fraud, and recognise genuine customers.
For insurers partnering with GoCompare, the fraud detection and prevention technologies available will enable customised, real-time risk management, reducing the strain and costs on insurers’ own fraud teams.
Fleur Lewis, Head of Fraud at GoCompare, said: “The IFB plays an important role in industry leading the collective fight against organised fraud and we’re thrilled to become the first UK comparison website to join the Insurance Fraud Bureau as an official member. We have been working alongside the IFB for several years and becoming a member will enhance our current fraud capabilities to protect both our partners and customers alike.
“Being a comparison website, we’re very aware that we act as the guardians of data for many insurers and we have an important role to play in the prevention of front-end fraud.
“We believe it’s our duty to support the industry in any way we can by identifying fraudulent behaviour and having this additional intelligence from the IFB increases our preventive measures at point-of-quote. These capabilities enable insurers to assess the risk in real-time and either decline the business or price accurately to ensure all parties are suitably protected.
“Our ambition is to provide insurers with genuine, quality customers, reducing their operational costs and fraud losses, thereby allowing them to continue to provide our users with excellent cover.”
Nick Benham, Head of Customer Services at IFB, added: “Price comparison websites are on the front-line of the fight against fraud, with access to a wealth of data and intelligence on suspected fraudulent activity. It is therefore strategically important that the industry forges close links with comparison websites in order to reduce the opportunities for fraudsters and ensure our honest customers are not impacted.
“We are therefore delighted to welcome GoCompare to the IFB’s membership, which will further strengthen the Bureau’s capability to detect and disrupt organised fraud.”
GoCompare’s anti-fraud project will continue to develop over the next 12 months, with further insights, developments and fraud prevention capabilities.
Press release courtesy of GoCompare