Covéa Insurance joins the Insurance Fraud Register

8th April 2015

Covéa Insurance has become the latest insurer to join the Insurance Fraud Register (IFR). The IFR, managed by the Insurance Fraud Bureau (IFB), aims to create a single industry database of known fraudsters which will help insurers in their fight against the significant costs of fraud. Members of the IFR have the ability to share details of known fraudsters which can be used to strengthen the initial validation process at the application stage, avoiding many potential fraudulent claims.

The IFR was officially launched at the end of 2013 and is available to over 300 insurers who are members of the ABI, who officially sponsor the project. The database represents a move away from detecting fraud at the claims stage to preventing fraud at the point of purchase by helping insurers to identify fraudsters at the application stage. Insurers can upload information on fraudulent activity to the database; this is then available to all of the IFR’s members across the insurance industry.

Steve Jackson, Head of Financial Crime at Covéa Insurance explained:

“The cost of fraud to the insurance industry is massive and whereas we maintain details of those individuals or organisations that have attempted to defraud Covéa Insurance, it is fair to say that we and other companies may still be victim to those fraudsters identified but deflected back into the marketplace.

“By joining the IFR we can share intelligence and be more effective in our fight against fraud which will ultimately prevent the costs being passed onto millions of honest policyholders in the form of higher premiums.”

 

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About Covéa Insurance

Covea Insurance Plc is the UK underwriting business of leading French mutual insurance group Covéa, who are number 1 for property and liability insurance in France, generating over 17.4 billion Euros in premiums in 2019.  

Covéa Insurance looks after the insurance needs of over 2 million policyholders; delivering financial reassurance through its Standard & Poor’s ‘AA- stable’ rating, as a guaranteed subsidiary of Covéa. 

The company offers motor, household, protection, pet, mid and high net worth insurance and a range of commercial insurance products, through a range of distribution channels.

Employing over 1900 people, Covéa Insurance has a strong people and service ethos.  It holds ServiceMark accreditation with Distinction for its Personal Lines operation and its Commercial & HNW Claims teams, as well as Chartered Insurer status for its Commercial business.  Covéa Insurance is signatory to the HM Treasury Women in Finance Charter and the insurance Inclusivity Pledge and has been named one of the top 75 employers in West Yorkshire & the Humber.

Recently, Covéa Insurance has been named as the Best Place to Work in Digital (Large Organisations) at the Digital Technology Leaders Awards and as the Best Employer at the Yorkshire Financial Awards.  They were also recipients of the High Net Worth Product of the Year Award at the Insurance Times Awards, the Staff Empowerment Award at the Diversity & Inclusion in Insurance Awards, and the Diversity Award at the British Insurance Awards.

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