How insurance can hit back against fraud

The Insurance Fraud Bureau (IFB) recently teamed up with data analytics firm SAS to launch a new fraud prevention platform, which facilitates information sharing between insurers and authorities to identify and stop fraudulent activity. According to the IFB, the UK's insurance industry loses a staggering £1.3 billion a year due to fraud, with over 100,000 reported instances. However, the true scale of the crime is likely to be much larger with many events going unreported. To learn more about the fraud prevention platform and the industry's prospects in the battle against fraud, Insurance Business spoke with Ben Fletcher (pictured), director of the Insurance Fraud Bureau. "Fraudsters are always becoming more sophisticated and organised in their techniques and move between products, sectors and tactics," he said.