Protector Insurance: Our Commitment to Fighting Fraud

At Protector Insurance, we are dedicated to protecting our customers, our business, and the integrity of the insurance industry from the harmful effects of fraud. We maintain a zero-tolerance policy towards any form of fraudulent activity, and we have robust procedures in place to prevent, detect, and take action against it.

This policy outlines our unwavering commitment to combating fraud and ensuring that we conduct our business ethically and with the utmost integrity.

 

Our Stance on Fraud

Protector Insurance is committed to a culture of zero-tolerance towards fraud, bribery, corruption, and any other financial irregularity. This commitment is led by our Board of Directors and Senior Management, who are responsible for ensuring our anti-fraud strategies are effective. We foster a culture where ethical conduct is paramount, and we will not condone or ignore fraudulent acts by employees, customers, suppliers, or any other party.

 

Our Commitment to Corporate Responsibility & ECCTA 2023

Protector Insurance is fully committed to upholding the highest standards of corporate governance and legal compliance. The Economic Crime and Corporate Transparency Act 2023 (ECCTA) holds large organisations accountable for preventing fraud committed by their employees or other associated persons and helps to protect consumers and businesses by holding large companies accountable, a responsibility we take very seriously.

We have implemented and maintain "reasonable prevention procedures" as required by this legislation. This means we are proactive in assessing fraud risks and ensuring our policies, controls, and training are robust and effective. Our commitment to this framework is central to our strategy for protecting our customers, shareholders, and the integrity of our operations.

 

What is Insurance Fraud?

Insurance fraud is an act of deception intended to result in a financial gain. It affects everyone by increasing the cost of insurance premiums for honest customers. Key examples include:

Type of Fraud

Description

Application Fraud

Deliberately providing false information or withholding relevant details—such as a poor claims history—to get insurance coverage or a cheaper premium.

Claims Fraud

Knowingly making a false or exaggerated claim. This can range from inflating the value of a genuine loss to fabricating an incident entirely, such as in "Crash for Cash" schemes.

Internal Fraud

Fraud committed by an employee, such as colluding with a supplier or creating false payments.

 

How We Prevent and Detect Fraud

 

We have a multi-layered defence system to protect our customers and our business from fraud.

  • At the Onboarding Stage: Our underwriters, as the first line of defence, conduct rigorous checks to verify the information provided by prospective commercial clients. We use industry databases and advanced analytics to identify red flags, assess risk, and prevent fraudsters from entering our business.
  • During a Claim: Our claims teams are trained to spot the signs of fraud. We scrutinise all evidence and conduct thorough, proportionate investigations into any suspicious claims. Where fraud is identified, we take decisive action.
  • Across Our Business: We enforce strong financial controls, including strict validation of suppliers and segregation of payment duties, to prevent internal fraud and financial crime.

 

Working Together to Stop Fraud

Fighting fraud requires a collective effort. Protector Insurance actively collaborates with law enforcement and recognised UK industry bodies to protect the wider community.

  • Data Sharing: We share and receive intelligence with organisations like the Insurance Fraud Bureau (IFB) and Cifas. This helps us and other insurers identify fraudsters and organised crime networks. All data is shared in strict compliance with UK GDPR and the Data Protection Act 2018.
  • Reporting to Authorities: We report all appropriate cases of suspected fraud to the relevant UK authorities, including the Insurance Fraud Enforcement Department (IFED).

Our Response to Fraud

Protector Insurance is committed to taking firm action against anyone who attempts to defraud the company.

  • For Policyholders: If a claim is found to be fraudulent, it will be rejected and the policy may be cancelled. We may also take legal action to recover any costs incurred.
  • Upholding the Law: We believe those who commit fraud should face appropriate consequences. We will always cooperate fully with the authorities and support their efforts to take action.

 

Report Suspected Fraud

If you suspect that someone is committing fraud against Protector Insurance, we encourage you to report it. We provide a clear and confidential whistleblowing channel for our employees and partners, and all concerns raised are taken seriously and investigated thoroughly. To report fraud, email reportfraud@protectorinsurance.co.uk.