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Catch up with the latest press releases from LV=

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LV= joins forces with industry to tackle insurance fraud

Press release: 19/01/2017

LV=, the UK’s most trusted and recommended insurer, has officially joined the Insurance Fraud Register (IFR) and will share data it holds on fraudulent cases with other members to help protect honest customers.

The IFR was developed to improve the industry’s fraud prevention defences and act as a deterrent to people who may consider committing insurance fraud. It currently holds the details of thousands of proven fraudsters and is the first industry-wide database which can be used across policy and claim lifecycles.

LV= joined the register in December 2016 and will now be able to consult the database to support its cross product fraud prevention strategy.

Ursula Jallow, LV= Head of Group Financial Crime Intelligence and Crime Solutions, said: “Fraud is a big issue for our industry and we’re pleased to be able to collaborate with others to tackle this problem. Our inclusion on the register will further protect our innocent customers and send a strong message to the insurance fraudsters when they are identified.”

Ben Fletcher, Director of the Insurance Fraud Bureau (IFB) said: “The industry is taking tough action against fraudsters and investing heavily in counter-fraud defences. The IFR is a vital tool for insurers as it gives the industry a central record of known fraudsters with insurance cheats being caught, now more than ever before. The consequences are serious and can often be life-changing as fraudsters face the prospect of heavy fines, a criminal record and imprisonment plus potentially restricted access to financial services. Insurers are determined to protect their honest customers, who shouldn’t have to pay for the fraudulent minority.”

For further information please contact:

Lloyd Purnell, 020 763 44433 / 07500 835885

Notes to editors

The IFR is being managed and administered by the Insurance Fraud Bureau, on behalf of the ABI. More information about the IFR can be found here:

About LV=:

LV= employs over 6,200 people and serves over 5.8 million customers with a range of financial products. We are the UK’s largest friendly society and a leading financial mutual.

When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products. We are currently the UK’s number one brand for Insurance and Investments, according to the 2015 YouGov Brand Index Buzz Rankings.

We offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations including ASDA and Nationwide Building Society.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. LVFS is a member of the ABI and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.