Crawford & Company become first loss-adjuster to join the IFB
25 November 2020
The insurance industry’s collective fight against fraud has been strengthened with Crawford & Company becoming the first loss-adjuster to become Members of the Insurance Fraud Bureau (IFB).
Crawford is the largest publically listed independent provider of claims management and oursourcing solutions with operations in over 70 countries helping to expose the true value of insurance claims.
The big-name loss-adjuster follows a string of major Insurers, Brokers and other insurance service providers to join the not-for-profit organisation to help the industry’s fight against fraud.
Peter Oakes, newest member of the Crawford fraud team, said:
“Membership of the IFB is a critical component in the fight against fraud and we are delighted to be the only loss adjuster to have taken this opportunity. Sharing information with the IFB as part of our constantly evolving cross-class digital development programme will deliver even greater benefit to our clients and the market.”
Stephen Dalton, Head of Intelligence and Investigations at the IFB, said:
“The Insurance Fraud bureau was founded on the principle of strength in numbers and in current times it’s never been more important for the insurance sector to collaborate and share intelligence to help fight fraud. With Crawford now working in partnership with our intelligence and investigations experts, the industry’s collective fight to help prevent, detect and disrupt organised insurance fraud is undoubtedly strengthened.”
The IFB coordinates the sharing of intelligence and management of cross-industry investigations into organised criminal groups targeting the insurance sector.
Since its launch in 2006, the IFB in collaboration with its members have contributed to over 1,250 arrests, over 650 convictions and a total of 600 years of prison time for organised criminals perpetrating the crimes.
Currently at least one insurance scam takes place every minute in the UK, leaving victims devastated and costing honest consumers more than £3 billion each year.
Recent figures show fraudulent insurance claims rose by 5% in 2019 with many being linked to dangerous scams. There are also concerns the current economic climate could see this figure rise further, following the 2008 recession where fraudulent insurance claims increased by 17%.
Over the past 12 months Crawford have invested significantly in redefining its strategic approach to fraud for the UK business to help prepare for the ‘new normal’.
Whilst Crawford is well-positioned to handle a vast array of claims without an onsite visit via innovations such as YouGoLook (self-service app) and video collaboration, its partnership with the IFB will help to boost its counter fraud solution to tackle current and new fraud risks.
Crawford believes that a critical part of an effective counter fraud strategy is continuous investment in new technology and tools to help reduce the negative impact of fraud on genuine policyholders and joining the IFB represents a key part of that strategy.
More information on joining the IFB’s membership to help tackle organised insurance fraud can be found on its website.