Covéa joins the IFR
Covéa Insurance has become the latest insurer to join the Insurance Fraud Register (IFR).
The IFR, managed by the Insurance Fraud Bureau (IFB), aims to create a single industry database of known fraudsters which will help insurers in their fight against the significant costs of fraud. Members of the IFR have the ability to share details of known fraudsters which can be used to strengthen the initial validation process at the application stage, avoiding many potential fraudulent claims.
The IFR was officially launched at the end of 2013 and is available to over 300 insurers who are members of the ABI, who officially sponsor the project. The database represents a move away from detecting fraud at the claims stage to preventing fraud at the point of purchase by helping insurers to identify fraudsters at the application stage. Insurers can upload information on fraudulent activity to the database; this is then available to all of the IFR’s members across the insurance industry.
Steve Jackson, head of financial crime at Covéa Insurance explained, ‘The cost of fraud to the insurance industry is massive and whereas we maintain details of those individuals or organisations that have attempted to defraud Covéa Insurance, it is fair to say that we and other companies may still be victim to those fraudsters identified but deflected back into the marketplace.
‘By joining the IFR we can share intelligence and be more effective in our fight against fraud which will ultimately prevent the costs being passed onto millions of honest policyholders in the form of higher premiums.’