A new risk identification business, called Verius, has been created to provide credit hire companies with a data-sharing platform to counter fraud following the sale of Hill Dickinson’s insurance business to Keoghs.
The Hill Dickinson portfolio includes the Netfoil anti-fraud database, which is widely used by credit hire companies to combat credit hire fraud, and there was concern that the data could be lost.
However, the Credit Hire Organisation (CHO) has signed an agreement with Hill Dickinson to create Verius and ensure that vital insurance claim data will be preserved to enable its members to prevent, detect and manage fraudulent claims and can still be used to fight crime.
Kirsty McKno, chair of the CHO, said: “We are delighted to have negotiated a smooth transfer of claims data out of Hill Dickinson into a newly-created risk identification business, Verius, which will provide an enhanced level of fraud services to our members through its database, VBase.”
CHCs have thrown their support behind the new company, which will be headed by James Bilham, who previously managed the Netfoil data provider relationships for Hill Dickinson.
Bilham said that Netfoil had contributed to the prevention detection and management of insurance fraud for the benefit of both insurers and credit hire companies. Verius, he said, would build upon the service previously offered to CHCs.
“Verius looks forward to providing credit hire businesses with a significantly enhanced suite of products and services to help them prevent vehicle thefts, staged accidents, fraudulent claims and other criminal activity,” he said.
McKno has also revealed that the CHO has also opened discussions with the Insurance Fraud Bureau (IFB) to explore further opportunities for data sharing.
“Preserving the data previously held in Netfoil, and working with Verius, ensures that there is a service for the CHCs to use to reach this common goal, while enabling discussions to progress with the IFB,” she said.
“Competition issues and the adversarial nature of our business has slowed progress in data sharing, but we want to change this, in order to make sure the scarce resources for law enforcement are fully utilised, including more support for IFED to bring successful prosecutions, which I believe to be the best possible fraud deterrent.”