The Insurance Crime Bureau was formed after a four year investigation by the South African Insurance Association (SAIA) on how to best address crime and fraud committed across companies in the short term insurance industry. It was decided that a holistic approach through an independent company like The Insurance Crime Bureau was the best way to address the vast and ever-increasing problem of insurance fraud and crime. The SAIA was instrumental in the formation of The Insurance Crime Bureau and all current member companies are members of SAIA.
The SAIA Fraud Committee and Fraud Task Team investigated the possibility of establishing a South African Insurance Fraud/Crime Bureau (IFB) for over four years as a possible way of addressing the costly and ever present issue of insurance fraud. Insurance fraud affects all short term insurance companies.
After the investigation by the committees, it was decided that an IFB should be recommended to SAIA members. An evaluation was conducted by the task team in order to ensure that a well-researched business case was presented to the SAIA Board.
From the evaluation, the following was found and approved by the SAIA board