Ageas joins the Insurance Fraud Register

Ageas Insurance has become the latest insurer to join the Insurance Fraud Register (IFR).

The IFR, managed by the Insurance Fraud Bureau (IFB), is a single industry database of known fraudsters which helps insurers to identify fraudsters at any stage in the policy life cycle - application and claim stages.

Ageas Insurance claims director Rob Smale and IFB supervisory board member, said: “All antifraud data should be made available to businesses and people managing fraud. However it’s only right, and indeed reassuring to the public, that appropriate controls are in place to ensure data protection.

“The cost of fraud to the insurance industry is massive and although there is no silver bullet, sharing intelligence will undoubtedly help us become more effective in our fight against it.

“The more we work together as an industry to tackle fraud, the more effective systems like the IFR will become. I’d encourage more insurance companies to sign up.”

The IFR which officially launched in November 2013 is available to ABI members.

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.

IFB director Ben Fletcher said: “Insurers are determined to protect their honest customers, who shouldn’t have to pay for the fraudulent minority. The industry is taking tough action against fraudsters and investing heavily in counter-fraud defences.

“Insurance cheats are getting caught, more now than ever before. The consequences are serious and this can be life-changing as they face the prospect of heavy fines, a criminal record and imprisonment plus potentially restricted access to financial services.

“The IFR is a vital tool for insurers; giving the industry a central record of known fraudsters.”