Lloyd’s of London insurer and motor specialist ERS has signed up to the Insurance Fraud Register (IFR).
IFR participants exchange information and intelligence to inform their own counter-fraud measures.
Insurers such as ERS use the IFR to crosscheck their policyholder information against records of known insurance fraudsters. Where a check identifies a match, the insurer can take action to limit or prevent becoming exposed to fraud.
ERS head of counter fraud Steve Gaywood commented: “Our IFR membership builds on the progress we have made so far and as we continue to invest in our intelligence partnerships so that we can identify more fraud.”
“The intelligence available through the IFR will certainly expedite, where necessary, the investigation of quotes, policies and claims to mitigate or prevent fraud before it occurs. We do not want to do business with fraudsters and our membership supports our zero tolerance approach.”
ERS is the first Lloyd’s of London insurer to sign up to the IFR. The Insurance Fraud Bureau (IFB) has been working to broaden utilisation of the IFR to a wider proportion of the insurance market.
Ben Fletcher, director of the IFB, said: “We’re delighted to have ERS on board as our first Lloyd’s insurer. We look forward to seeing more London market insurers recognise the value of IFR membership as part of their counter fraud strategies. Quite simply, the more insurers we have sharing information through the database the more empowered we are to identify and prevent the incidence of fraud to better protect honest customers.”
The IFB opened up the IFR to Lloyd’s of London insurers last year, beyond its initial Association of British Insurers participants.
The Motor Insurers’ Bureau and the National Fraud Intelligence Bureau also joined the IFR last year.