Markerstudy Insurance Company Ltd has become the latest company to join the Insurance Fraud Bureau (IFB) in its fight against organised insurance fraud. Markerstudy specialises in niche motor products, having an ability to tailor products to specialist risks such as young drivers, high performance and high value vehicles, unusual occupations, taxis and driving schools.
It is estimated by the Association of British Insurers (ABI) that undetected general insurance claims fraud totals £1.9bn a year, with fraud adding an average of £44 to the annual premium cost faced by individual policyholders.
Allan Peak, Counter-Fraud Manger at Markerstudy, comments: “Fraud represents a significant concern for the motor insurance market, particularly in the economical climate in which we currently find ourselves. Whilst the majority of motor insurers will have their own fit for purpose counter fraud strategies, it is only with a fully conjoined approach that we will maximise the detection and prevention of fraud. The IFB is instrumental in facilitating that collaboration and we are delighted to have become members.”
John Beadle, Board Member of the IFB comments: "We are pleased to welcome Markerstudy to the Bureau membership. Markerstudy’s data, as with all Bureau members, will benefit the industry by feeding the IFB’s sophisticated analytics to develop cross-industry intelligence and identify potential fraudulent networks. The IFB is currently leading and working with the Police on 28 operations on behalf of its members, and this will no doubt continue to build our track record, with over 365 arrests, and convictions generating over 53 years of imprisonment to date.”