IFB and MIB join forces in fraud fight

The Insurance Fraud Bureau has entered into an agreement with the Motor Insurers’ Bureau for support services following a consultations between the two boards.

The proposal was tabled at the Association of British Insurers’ General Insurance Council on 18 March.

The IFB and MIB will remain independent legal entities with separate boards and continue to be based at their existing locations.

Both organisations said their strategic objectives will remain unchanged.

Under the terms of the arrangement IFB staff will transfer to a separate company formed by the MIB.

Support services such as HR, finance and project management will be provided to IFB via the new company.

It aims to deliver operational efficiencies and additional opportunities to reduce costs through increased purchasing power. The model provides the IFB with enhanced operational resilience and augments the platform for future expansion of its services. The recruitment process for a new head of unit at IFB is underway in parallel with this activity and remains a key priority for IFB’s board.

David Neave, chairman of the IFB,said: “Strengthening the organisational infrastructure in this way allows IFB to focus resource on delivering its vital services to members, expanding its remit in line with the industry’s anti-fraud strategy and continuing to represent the industry as a collective force and powerful brand in the fight against fraud.”

Ashton West, chief executive at MIB commented: “MIB is in a good position to support the management of IFB through the use of support services which will also benefit MIB and its members. MIB is a not-for-profit company funded through a levy and governed by motor insurers. The governance of IFB will remain with its directors and the current funding arrangements with the existing members will remain unaltered.”

A project management team comprising key managers at IFB and MIB is in place to manage the transition to the new model.