The Insurance Fraud Bureau (IFB) is pleased to announce that Zego insurance has joined its membership to be part of the industry’s fight against fraud. The IFB coordinates the sharing of intelligence and management of cross-industry investigations into organised criminal groups targeting the insurance sector.
Launched in 2016, Zego established itself as a leading insurtech by providing flexible, behavioural led commercial insurance products to self-employed couriers and fleets. The brand ranked 14th in the FT1000 list of Europe’s fastest-growing companies and has recently expanded to the Netherlands and France.
In line with Zego’s rapid growth they are doubling down on their efforts to further protect their customers from insurance fraud. By having access to the IFB’s unrivalled counter-fraud solutions, trend analysis and insight, Zego will be protecting its customers against a range of motor insurance scams which are targeting the sector, whilst supporting the industry’s collective efforts to detect and disrupt fraud.
Ben Fletcher, Director at the IFB, said:
“We’re delighted to have Zego join forces with us. As the nature of motor insurance scams rapidly evolves, it’s crucial that insurers collaborate in order to keep pace with new trends. Our partnership with Zego means that we can share best practice and real-time intelligence to protect their customers from fraud, whilst enhancing the insurance industry’s defences”.
Sten Saar, CEO, Zego commented:
“Zego has been on a monumental journey since 2016 to develop products and services which save our customers time and money whilst harnessing the power of behavioural data to improve the performance of the fleets we insure. Zego’s products exist to offer those we insure the fairest deal out there, which is why we are committed to aiding the fight against insurance fraud – a crime which costs genuine couriers and fleet managers millions each year – we are excited to have joined the IFB”.
Since its launch in 2006, the IFB in collaboration with its members have contributed to nearly 1,300 arrests, over 670 convictions and a total of 600 years of prison time for organised criminals perpetrating the crimes.
As Zego continues its fast-growing market success, its partnership with the IFB will enhance its ability to defend against a number of growing motor insurance scams, such as application fraud and ghost broking. According to the Association of British Insurers (ABI), over £600 million worth of motor insurance fraud was detected in 2020.
The announcement of Zego joining the IFB coincides with the move to keep pace with fraudsters, as later in the year the IFB will be launching its first AI-driven counter fraud solution for the insurance industry.
To learn about the IFB’s membership visit www.insurancefraudbureau.org
Find out more about Zego’s services at www.zego.com