First anniversary for IFB

Today marks the first anniversary of the Insurance Fraud Bureau (IFB).

The bureau said it has highlighted previously unidentified fraud risk where there is a combination of actual and anticipated savings of at least £8m in its first year.

John Beadle, chairman of the IFB commented: “We owe our success to the massive commitment of our membership, and as an industry we must continue to remain focused and build on the foundations laid in this first year. Shared data, properly

leveraged, is undoubtedly the crucial weapon in the battle to combat organised fraud and a logical next step would be for the industry to look at how it can expand the current practices into the commercial risks arena, which we know is being targeted by organised criminals. Whilst staged and induced motor accidents remain a priority for the Bureau going forward, we are also working with members and the wider industry to identify the next big potential benefit which could be derived from our unique, collaborative approach. The future for the IFB is very bright.”