ERS is the first Lloyd’s of London insurer to become members of the Insurance Fraud Register (IFR).
Effective immediately, motor-only specialist ERS will share its fraud data with other members of the fraud-combatting database, while accessing existing intelligence to help inform its own counter-fraud measures.
The IFR enables insurers to crosscheck their policyholder information against records of known insurance fraudsters on the database. Where a check identifies a match, the insurer can take action to limit or prevent becoming exposed to fraud.
On successfully evidencing the specific standards required to contribute to the register ERS is the first Lloyd’s insurer to gain membership - in line with the IFB’s plan to broaden utilisation to a wider proportion of the insurance market.
ERS’ head of counter fraud Steve Gaywood said: “Our IFR membership builds on the progress we have made so far and as we continue to invest in our intelligence partnerships so that we can identify more fraud. The intelligence available through the IFR will certainly expedite, where necessary, the investigation of quotes, policies and claims to mitigate or prevent fraud before it occurs. We do not want to do business with fraudsters and our membership supports our zero tolerance approach.”
Ben Fletcher, director of the IFB added: “We’re delighted to have ERS on board as our first Lloyd’s insurer. We look forward to seeing more London market insurers recognise the value of IFR membership as part of their counter fraud strategies. Quite simply, the more insurers we have sharing information through the database the more empowered we are to identify and prevent the incidence of fraud to better protect honest customers.”
