New insurance fraud investigation platform keeps up with the criminals
The Insurance Fraud Bureau (IFB) and SAS continue to evolve the data sharing capability for the insurance industry through a combined technology platform, which hosts confirmed fraud and suspected fraud data.
The Insurance Fraud Bureau (IFB) can now deliver its Insurance Fraud Register (IFR) service on the same platform as the Insurance Fraud Intelligence (IFi) Hub, enabling the IFB to enhance the efficiency of the fraud investigation and prevention services provided to the UK insurance industry. The new IFR platform is powered by SAS technology, enhancing the service to IFR members and providing members of both IFR and IFiHub with a single solution to support their fraud investigation processes.
Insurance fraud is a major social and economic menace in the UK. According to the latest figures released by the Association of British Insurers (ABI) there are 107,000 reported instances of fraud each year worth £1.2bn. However, the true scale of the crime is likely to be much larger due to instances that go unreported. The financial crisis caused by the pandemic means that insurers are predicting insurance scams are likely to rise, particularly at a time when fraudsters are looking to take advantage of new technology and the surge in people taking to online services.
The IFB is a not-for-profit organisation which acts as a central intelligence hub for insurance industry members to share intelligence in order to help detect and disrupt fraud networks. IFB also works alongside police forces, regulators and industry watchdogs to build evidence and support enforcement activity. The launch of the new platform is a significant development in the quest to continually evolve and enhance services in order to keep pace with fraudsters and find ways to improve quality and timeliness of data.
With safe and secure access to shared fraud data – and the right tools, insight and analysis – organisations can detect and investigate fraud more effectively. The IFiHub allows users to share, analyse, monitor and investigate suspect intelligence data in real-time. IFiHUB was launched to the industry in 2019 and serves as an industry-scale intelligence database that helps detect suspected fraud rapidly across the widest possible spectrum.
Jon Radford, SIU claims manager at QBE said: “Streamlining industry fraud data services is key to the next steps towards a more simplified data led approach to fraud detection. The work achieved by putting the IFiHub and IFR onto a single platform will certainly achieve this and by utilising the new powerful analytics capabilities, it will undoubtedly help the industry to detect and track suspected fraudulent claims on a real time basis as they move to confirmed fraud.”
David Pritchard, claims fraud manager at NFU Mutual, said: “Our aim is to protect genuine customers, and having all industry fraud data accessible through a single platform will further strengthen our ability to combat those who seek to fraudulently take advantage of the protection we afford.”
Ben Fletcher, director at the IFB, said: “Insurance fraud affects thousands every year causing considerable personal and economic loss, so it’s vital that the industry continues to work together to combat this issue. It’s in everyone’s interest that fraud is effectively tackled and reduced in scale, so less money is lost to the economy and insurance premiums can be lowered for all.”
“We decided to deepen our partnership with SAS to build the new platform as they provide innovative solutions and understand the need to drive forward a better customer experience. We’re really pleased to be launching the new platform as it’s a crucial step in evolving how we share intelligence with the industry allowing customers to keep pace with the fraudster but also deal with genuine cases more quickly.”
Roderick Crawford, vice president & country manager, SAS UK & Ireland, said: “Levels of fraud have risen inexorably in recent times. Indeed, the pandemic provided the perfect climate for the fraudsters to drive their activities to hitherto unparalleled levels. SAS is a global expert and leader in uncovering and stopping fraud and other forms of financial crime both in the private and public sectors.
“Being agile and able to evolve quickly is a major advantage that fraudsters have held over the insurance industry for years. However, this new platform enables insurers to instantly match suspected fraud with similar instances of confirmed fraud, allowing for much faster and more accurate decision-making. The fight against sophisticated fraudsters will continue, and use of best-in-class technology is key to winning the battle.”
Click on the video to find out more. There is more about SAS’ partnership with IFB at www.sas.com/uk/insurancefraud
