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.”