The Insurance Fraud Register – progress so far and future aims Mark Allen Manager, Fraud &...
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The Insurance Fraud Register – progress so far and future aims Mark Allen Manager, Fraud & Financial Crime Association of British Insurers
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Transcript of The Insurance Fraud Register – progress so far and future aims Mark Allen Manager, Fraud &...
The Insurance Fraud Register – progress so far and future aims
Mark AllenManager, Fraud & Financial CrimeAssociation of British Insurers
The IFR’s remit
First industry-owned cross-
sector register of
known insurance
frauds
Holds data on first parties, third parties, professional
enablers, suppliers, articles
Used during stages of
product life cycle
Meets regulator’s
expectations to mitigate
financial crime risk
Tangible consequences for offenders
Insurance and other financial services will be
harder to obtain
Higher premiums
Enforcement action
Judicial attitudes
hardening
Complaints policy
Strict loading criteria
Robust definition of fraud
Individual advised in breach of policy
fraud condition
Data refreshed every 7 days
Data deleted after 5 years
Audit mechanism
Subject access requests
No retrospection
Safeguarding the integrity
of the IFR
The journey so far
Contractual negotiations
complete
‘early adopters’ loading records
Initial focus on ABI members
88 registrations of interest:•55 from ABI members•37 insurers have attended workshops
•Plan to on-board 3 insurers per month
Participation criteria:•Readiness to participate
•Data contribution•Spread of different sized insurers / product lines
Third parties
NFIB
NCA
MIB
Aggregators
Software houses
Brokers
TPAs
Non-ABI insurers
Lloyd’s
Lawyers
The next phase – third party access
•Increases volume of data held•Demonstrates collective action•Increases front-end capability•Platform for broker participation•Establishes links to other sectors
•Requires significant resource•Potentially very costly•Technical complexity•Contractual complexity
•Contribution to data•Contribution to funding•Impact on transaction volumes
BenefitsDrawbacks
Third party access
Other priorities
Enhancing system functionality
Technical User Group• Suitability of case loading
by MO• Data formats• Technical documentation• MI reporting
Communications
IFR Consolidated List
A flexible tool
Further information
Register via dedicated website: www.theifr.org.uk
..................................................
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Participation process............
.............................
Technical information
Access routes Transaction limits
Audit framework
Legal/ technical documentation
Thank you
Mark AllenManager, Fraud and Financial Crime
Association of British [email protected]
T: 020 7216 7573M: 07725 245294
