There has been a six-fold increase in searches (over 3,500 a month) conducted by UK insurers to detect fraud and uncover fraud networks, thanks to IFB Exploration - the new AI-driven counter-fraud solution launched by the Insurance Fraud Bureau (IFB) one year ago*.
Utilised exclusively by IFB members, IFB Exploration was created in partnership with Shift Technology to give the industry an agile, shared solution that can harness artificial intelligence to learn and adapt to evolving threats.
IFB Exploration has proven to be an essential asset for insurers, with an average of around 40 fraud network alerts now being detected weekly, resulting in new lines of intelligence and ultimately evidence being referred to the police for investigation.
Ursula Jallow, Director at IFB, said:
“IFB Exploration is elevating the insurance industry’s fight against fraud. We’ve seen a big rise in the collaboration and dissemination of vital insights across the counter-fraud community thanks to our new solution, and this is bringing tangible results for insurers.
“As the nature of fraud rapidly evolves it’s vital that we utilise the best technologies available to keep pace with new threats, and IFB Exploration which is delivered in partnership with Shift Technology, is undoubtedly giving our members the upper hand.”
Jeremy Jawish, CEO and Co-Founder at Shift Technology, said:
“Insurance associations like IFB are critical to the success of their industry’s counter-fraud efforts. Shift is proud to partner with the world’s leading Associations – including Singapore’s GIA & ALFA in France – to deliver best in class AI-powered solutions. By forging close partnerships with associations, we ensure these industries stay one step ahead of fraudsters, thereby protecting honest policyholders.”
IFB Exploration provides advanced network detection capabilities across motor, property and liability lines of business. It allows IFB members to remotely access the industry’s transactional data set, focusing on at-risk entities and networks that potentially link to organised fraud and gain contextual insights as they emerge.
The AI solution also reduces time spent manually looking for patterns of fraudulent activity, enabling counter-fraud teams to have a greater focus on executing operational responses.
Stephen Linklater, Claims Director at Ageas UK, said:
“The Ageas Counter Fraud Team have embraced the use of Exploration since launch last year and in doing so, increased our ability to progress fraud investigations at speed. Having access to an AI solution at our fingertips, such as Exploration, with enhanced data and intelligence enables us to make quicker and more informed decisions in the investigation of suspect claims and networks, further strengthening our defences and helping to protect our genuine customers from the impact of fraudulent claims.”
Fraud is the most experienced crime in the UK, with bogus insurance claims and applications estimated to cost the industry over £2 billion each year*.
IFB is a not-for-profit organisation that works with insurers and the police to investigate organised insurance fraud. Over 500 investigators from across 95% of the General Insurance Market are IFB members and have access to IFB Exploration.
Enquire about the benefits of partnering with IFB and gaining access to IFB Exploration: https://insurancefraudbureau.org/contact-us/becoming-a-member-of-ifb
NOTES TO NEWSROOM
*IFB Exploration launched in October 2022.
*Over £2 billion annual economic impact of fraudulent insurance applications and claims, according to Association of British Insurers (ABI).
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The Insurance Fraud Bureau (IFB) is a not-for-profit organisation at the heart of the UK’s fight against insurance fraud. It acts as a central intelligence hub for industry members to share intelligence to help detect and disrupt fraud networks. IFB Investigators work alongside police forces, regulators and industry watchdogs to build evidence and support enforcement.
Since its inception in 2006, IFB’s investigations have helped to secure nearly 1,300 arrests and over 670 convictions (totaling more than 600 custodial years in prison).
IFB frequently runs awareness campaigns to help the public avoid falling victim to insurance scams and report evidence to its Cheatline. IFB is on X (Twitter), LinkedIn, Facebook and Instagram. Get the latest news updates on IFB’s media centre.
About Shift Technology
Shift Technology delivers AI decisioning solutions to benefit the global insurance industry and its customers. Our products enable insurers to automate and optimize decisions from underwriting to claims, resulting in superior customer experiences, increased operational efficiency, and reduced costs. The future of insurance starts with Decisions Made Better. Learn more at www.shift-technology.com.