press release

LV= joins forces with industry to tackle insurance fraud

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.”

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: http://www.theifr.org.uk/en/

About LV=

LV= 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 offer our services direct to consumers, as well as through IFAs and insurance brokers.

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.

Press contact

Lloyd Purnell
Press Officer (General Insurance)
020 7634 4433
07500 835 885