General Insurance Article - LV= joins the fight against insurance fraud


LV= joins the Insurance Fraud Register 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.”

Back to Index


Similar News to this Story

Call for simplification of EU cybersecurity regulation
Insurance Europe has welcomed the European Commission’s review of the Cybersecurity Act (CSA) and the forthcoming digital omnibus initiative, supporti
7 California wildfire lessons learnt for European insurers
The devastating January 2025 wildfires in Los Angeles, which destroyed over 16 000 structures and caused insured losses of approximately USD 40 billio
Do not be left high and dry this summer
Aviva is urging caution as data reveals a correlation between warm weather and fire claims. Number of garden fire claims is already significantly high

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.