IFIG Working With Verisk on Anti-Fraud Intelligence Platform

This new partnership aims to share data which will help insurers spot potential fraud issues, here’s the word;

The Insurance Fraud Investigators Group (IFIG), working with Verisk, has launched a new intelligence-sharing platform designed to help insurers and fraud investigators identify fraudulent activity across multiple lines of business.

The platform provides a secure environment for insurers and investigators to share intelligence on suspicious claims, policies and emerging fraud patterns across organisations and product lines. New claims and policies can be compared against intelligence contributed by other members, helping investigators uncover connections between individuals, claims, policies and networks that might otherwise remain hidden.

Mike Brown, deputy chair and technology lead at IFIG, said the initiative represented an important step forward in industry collaboration against fraud.

“Fraud continues to undermine both the UK and global economy. Our collaboration with Verisk represents a significant step forward in equipping our members with advanced, intuitive technology to combat fraudsters head-on,” he said.

“This platform will play a vital role in reducing fraud risk and supporting the industry in protecting customers and businesses alike. The partnership has been several years in the making, and we are delighted to see it come to fruition.”

Kaye Sydenham, product manager for anti-fraud at Verisk Claims UK, said the initiative builds on IFIG’s efforts to create a more collaborative approach to tackling fraud.

“IFIG has created a genuinely inclusive environment for counter-fraud collaboration, bringing together organisations that historically had limited opportunity to share intelligence,” she said.

“Our role has been to support that vision by delivering a secure, scalable platform that enables intelligence sharing to work effectively in practice. By combining IFIG’s investigator-led network with Verisk’s insurance data capabilities, insurers gain a clearer view of fraud risks and a more effective way to protect honest customers.”

The platform builds on IFIG’s recent growth, with membership increasing from 40 to 100 organisations over the past 18 months. More than 200 investigators are now using the shared intelligence capability.