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