The number of general insurers who are members of the Insurance Fraud Register has reached an all-time high following a significant increase in usage of the industry-wide database of known insurance fraudsters.
Membership to the IFR now stands at 62% of the general insurance market as more insurers are recognising that they can have an additional level of protection from fraudsters by joining the register.
“Reaching this significant milestone is a positive step demonstrating that the industry recognises the importance of the IFR,” Fletcher said.
“It is a perfect complement to existing industry resources and, by establishing serious consequences for proven fraudsters, should serve as a deterrent to anyone considering fraud as an easy option.”
The IFR holds details of first and third party fraudsters, suppliers and professional enablers who have committed or facilitated fraud across all product lines. Insurers who are part of the register can share details of known fraudsters, allowing the companies to identify fraud at any stage in the policy lifecycle.
More fraudsters’ records are being loaded to the database, with the total volume of records now approaching 15,000. The IFR says more quality records of proven fraudsters on the database means more data is shared between members of the register.
The IFR warns that insurers who have not yet signed up to the register face the risk of being targeted by fraudsters and organised fraud rings who can take out policies without being challenged.
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