The Credit Hire Organisation (CHO) has signed an agreement with law firm Hill Dickinson to ensure that insurance claims data will be preserved for use by its members, in the wake of Keoghs acquiring Hill Dickinson’s insurance business .
The Keoghs deal is set to happen at the end of January 2018, but Hill Dickinson also owns the Netfoil anti-fraud database, which is widely used by credit hire companies.
Netfoil holds over 240m records, relating to around 12.5m insurance claims and 150,000 new records are added a month.
Each record can hold up to 200 different fields of relevant information. It claims to be the largest privately owned relational database in Europe.
Its primary source of data is the claims and accident management industry, but Netfoil also imports claims and policy data from insurance companies, Lloyd’s syndicates, self-insured fleets, self-drive hire businesses, legal expense insurers, politically exposed persons and sanctions data, Companies House and other open source data sets.
Kirsty McKno, a leading Liverpool litigator and chair of the CHO, which represents the credit hire industry, said there had been a concern that this data could be lost.
Kirsty McKno, chair of the CHO, which represents the credit hire industry, said there had been a concern that this data could be lost.
But she continued: “We are delighted to have negotiated a smooth transfer of claims data out of Hill Dickinson into a newly created risk identification business, Verius, which will provide an enhanced level of fraud services to our members through its database, VBase.”
Verius will be headed by James Bilham, who previously managed the Netfoil data provider relationships for Hill Dickinson.
Mr Bilham said Netfoil had contributed to the prevention, detection and management of insurance fraud for the benefit of both insurers and CHCs.
Ms McKno added that, following this agreement, the CHO has also opened discussions with the Insurance Fraud Bureau to explore further opportunities for data sharing.
“Preserving the data previously held in Netfoil, and working with Verius, ensures that there is a service for the CHCs to use to reach this common goal, while enabling discussions to progress with the bureau.
“Competition issues and the adversarial nature of our business has slowed progress in data sharing, but we want to change this, in order to make sure the scarce resources for law enforcement are fully utilised, including more support for IFED [the City of London Police’s insurance fraud enforcement department] to bring successful prosecutions, which I believe to be the best possible fraud deterrent.”