The new counter fraud intelligence sharing platform from the Insurance Fraud Bureau (IFB) is now live.
Ageas, Allianz, AXA, ERS, Markerstudy, Mulsanne Insurance, QBE, RSA, and 1st Central are among the first insurers to begin using the SAS-powered Insurance Fraud Intelligence Hub (IFiHUB), which enables data and information sharing in real time.
Ben Fletcher, director of IFB, commented: “IFiHUB has been built by the industry, for the industry—to deliver a powerful counter-fraud tool. It was recognised that fraud intelligence had historically been shared inconsistently and therefore inefficiently. By developing a single platform for insurers to share intelligence in real-time, IFiHUB is a real game changer for our sector.”
The platform was developed following an industry consultation to support IFB’s mission to evolve the insurance industry’s fight against fraud.
Sitting alongside the Insurance Fraud Register (IFR), which insurers have loaded with almost 25,000 records of proven fraud since it was launched in 2013, the IFiHUB will hold industry data on suspected fraudsters and professional enablers.
IFB said a privacy impact assessment alongside counsel from a barrister on data protection has ensured the platform has been built with compliance and integrity of data at the forefront.
Fletcher added: “Once matured, the IFiHUB will be utilised to develop data-lead strategic threat assessments. It will also provide a platform from which the insurance industry can share intelligence with other sectors.”
Graham Gibson, chief claims officer at Allianz Insurance, said: “Allianz is very pleased to be amongst the first insurers to try out the IFiHUB. The insurance industry has been calling for greater collaboration for some years and the IFB’s new platform, which is instantly updated with real-time data, should now enable insurers to come together and share intelligence. We look forward to proactively working together to tackle insurance fraud.”
“This tool is great and it adds to our own detection processes, which are already strong,” added Mike Bennett, head of investigations and fraud control at AXA UK. “The industry is sharing more information than ever before; that makes us all more reactive and quicker to defeat fraudsters. AXA is proud to be among the early adopters and looks forward to more insurers joining.”