Carrot Insurance, a telematics specialist broker has joined the collective fight against insurance fraud by becoming a member of the Insurance Fraud Bureau (IFB).
Carrot Insurance, which launched its products in 2012, sells insurance aimed at young drivers and uses telematics technology to reward their customers for driving responsibly. Carrot will use IFB products and services to help prevent fraud at point of quote, reducing their risk, whilst also providing a new source of data for the IFB to identify fraud.
Application fraud products introduced by the IFB in 2013 allow brokers to tackle fraud at point of sale. The intelligence that brokers like Carrot will provide feeds into these products and helps the industry to shine a light on ‘Ghost Brokers’ and misrepresentation on insurance policies.
Like all IFB members, Carrot Insurance will also contribute to industry-scale investigations managed by the IFB. Currently investigating more than 150 cross-industry organised fraud rings in the UK, the IFB will benefit from the intelligence and data that Carrot Insurance will provide.
In 2014, IFB launched its broker membership model that opened intelligence sharing to a wider broker audience and further strengthened the industry’s collective fight against organised fraud. Brokers are regularly the first point of contact with consumers so they have a vital role to play in counter-fraud.
Being a member of the IFB also allows them to demonstrate commercially that they are committed to tackling fraud and protecting their honest customers.
Carrot Insurance claims head Tim Spreadbury said: “Insurance fraud is a big concern for any broker and we’re delighted to have the opportunity to be able to share our unique telematics data with the IFB. This will be a strong partnership that will help us to approach the problem early in the quote process, saving time and money across the business, while allowing us to offer lower premiums to our customers”
IFB director Ben Fletcher said: “It is important that we view fraud holistically which means that every organisation is able to play their own role in tackling insurance fraud.
“Detecting and disrupting fraud relies on access to good quality information and the IFB's position at the heart of the issue, with unrivalled access to industry, law enforcement and other regulatory data, is further strengthened with Carrot’s contribution.”