10 Steps to Detect and Prevent Insurance Fraud Whitepaper

10 Steps to Detect and Prevent Insurance Fraud Whitepaper

Free White Paper

Traditional fraud detection systems tend to focus on opportunistic or soft fraud – when an individual takes advantage of a situation to pay a lower premium or exaggerate a claim. But hard fraud perpetrated by organized crime rings is growing – and so is the sophistication and velocity of attacks.

Insurers that follow the 10 steps Stuart Rose outlines in this paper offer the best chance for detecting both opportunistic and organized fraud.

Fraudster sophistication is on the rise, as is the number of fraudulent claims. Just what should insurers do to prevent this barrage of attacks?

Be sure to read this white paper by insurance analytics expert Stuart Rose, who outlines 10 crucial steps to both fraud detection and prevention.

About SAS

SAS is the leader in analytics. Through innovative analytics, business intelligence and data management software and services, SAS helps customers at more than 80,000 sites make better decisions faster. Since 1976, SAS has been giving customers around the world THE POWER TO KNOW®.

 

 

Sunwing Travel Group recognized among Canada’s top employers by Forbes

Sunwing Travel Group recognized among Canada’s top employers by Forbes

Press Release:

The Sunwing Travel Group is pleased to have been included within Forbes’ ranking of Canada’s 300 Best Employers. Considered to be one of the world’s leading sources of reliable business news and financial information, the global media company collaborated with online statistics provider Statista to survey over 8000 Canadian employees—81% full timers—working for companies with at least 500 people to rate their willingness to recommend their own companies on a scale of 1-10. Those who took part in the survey were consulted anonymously through several online access panels.

The news was welcomed by Stephen Hunter, President and CEO of Sunwing Travel Group, who commented. “We believe investing in our employees is vital and are extremely pleased to be included in this list. The Sunwing Travel Group has grown and expanded dramatically over the years and we attribute this growth and success to the passion and dedication of our team.”

North America’s largest vertically-integrated travel business, the Sunwing Travel Group employs almost 17,000 people internationally and has been included on the PROFIT 500 list for the last 12 years consecutively. The company’s headquarters in Toronto were recently extended and refurbished. Employees benefit from free parking, a subsidized staff restaurant and coffee house, together with a lunchroom to enable them to make their own meals if they prefer.

Employees also receive an attractive benefits package which includes medical and dental, and they can opt to join an RRSP matching program.  A new user-friendly HR portal was also recently implemented to provide employees access to their payroll, benefits, and many other features anywhere and anytime. Employees can take advantage of preferential rates on a number of services from insurance to gym memberships. In particular, Sunwing is the only airline to reward employees with confirmed flight passes for travelling to and from any of Sunwing’s destinations domestically and internationally. Staff members also receive discounted rates at certain hotels and resorts, as well as selected excursions. Friends and family members of Sunwing employees also benefit from travel promotions.

To learn about career opportunities, visit www.sunwingtravelgroup.com

About Sunwing Travel Group

The largest integrated travel business in North America, Sunwing Travel Group is comprised of Sunwing Vacations, the leading leisure tour operator in Canada; Sunwing Airlines, Canada’s premier leisure airline; Signature Vacations, one of Canada’s leading tour operators for all inclusive package vacations and Vacation Express, a growing tour operator in the United States together with the Group’s own travel retail businesses SellOffVacations.com and Luxe Destination Weddings. Blue Diamond Resorts is the Sunwing Travel Group’s own hotel management company, an innovative organization that operates popular resort brands like Royalton Luxury Resorts, CHIC by Royalton, Grand Lido, Memories, and Starfish, across the Caribbean, Cuba and Mexico; while NexusTours provides destination management services to individuals, agencies, tour groups, corporate businesses and tour operators.

SOURCE Sunwing Travel Group

New survey reveals the diversity of Canada’s Millennial generation through their social values

A new national survey released today reveals a bold portrait of Canada’s Millennials (those born between 1980 and 1995), that for the first time presents the social values of this generation, and the distinct segments that help make sense of the different and often contradictory stereotypes that so frequently are applied to today’s young adults.

The results show that Millennials cannot be lumped into a single group defined by their age, or by other demographic characteristics such as gender, region or socio-economic status. They are a diverse part of the Canadian society, made up of six social values “tribes”, each reflecting a distinct worldview and approach to life. While Millennials may share some common experiences and aspirations as befits their stage in life, there are notable differences in outlook and life path across these tribes, be they “Engaged Idealists,” “Bros and Brittanys,” or “Lone Wolves.”

The study built on the foundation of Environics’ Research leading-edge social values research to better understand how Millennials are taking their place in society through the lens of their social values, with a focus on their life goals and what it means to be an adult, career aspirations and work experience, and political and social engagement.

Key findings from the survey include the following:

  • Fewer than half of Canadian Millennials say they have enough money to live the kind of life they want, and many feel they are not doing as well as their parents did in their youth. But this generation is notably optimistic about their future financial prospects, and this is most evident among those born outside Canada, and those with Asian or other non-white ethnic backgrounds.
  • What Millennials most want out of work and career is a good balance between work and their personal life, followed by financial security, wealth generation, and flexibility on the job. Making an important contribution to society is of strong importance to some Millennials and not so much to others, based on their social values.
  • Millennials with a post-secondary degree were asked, if they could do it over again, what would they would do. Just under half say they would have completed the same post-secondary education. But a slightly higher proportion indicate they would have followed a different path, either pursuing a different type of post-secondary education or done something else instead of getting a degree.
  • Low voter turnout has earned Millennials a reputation for being disconnected from politics and current events, but this is more stereotype than reality. Most follow news and current events at least daily if not more frequently, and significant proportions pay attention to politics at the local, national and international levels. Social media is the most common platform, but surprisingly large numbers also rely on such traditional media such as TV, print newspapers and radio.
  • One in four Millennials has been actively engaged in a cause or issue in the past year, mostly involving social justice, the environment, politics or health care. Such involvement is linked to education as well as social values. Members of this generation tend to get involved through online channels, but a significant proportion also seek to participate in person at events or group meetings.     

“With Millennials now being the largest generation in the Canadian workplace, this study allows us to go beyond easy labels to understand their diverse values,” said Bruce Lawson, President of The Counselling Foundation of Canada. “An overwhelming 96% of Millennials in the study define having a steady job as the primary marker of adulthood – far more than owning a home, getting married or having children, which were key markers for previous generations. This underscores the need for career development to ensure Millennials have the skills, confidence and adaptability to navigate an ever-shifting economy.”

“Apathy is Boring is thrilled to be contributing to the only study of its kind in Canada, and to see an increased public interest in how Millennials think and act,” said Caro Loutfi, Executive Director at Apathy is Boring. “This study highlights the need to look at Millennials as the diverse generation that we are, and supports our own outreach efforts encouraging social and political engagement among the groups who would benefit the most.”

The study was conducted by the Environics Institute for Survey Research, in partnership with The Counselling Foundation of Canada, RBC, the McConnell Family Foundation and Apathy is Boring.

The survey is based on interviews conducted online with a representative sample of 2,072 Canadians aged 21 to 36 across the country between July 6 and August 31, 2016. The sample was stratified by age, gender and region (margin of error statistics do not apply to online surveys that employ non-probability samples). Access the full survey online at: http://environicsinstitute.org/institute-projects/current-projects/canadian-millennial-social-values-study.

The Environics Institute for Survey Research is a non-profit public interest organization that conducts relevant and original public opinion and social research related to issues of public policy and social change. The Institute’s primary mission is to survey those not usually heard from, using questions not usually asked.

 

SOURCE The Counselling Foundation of Canada

Fairfax lines up US$1 billion from Ontario pension fund for Allied World deal

Ontario pension fund manager OMERS will invest US$1 billion in support of a takeover of the Allied World Assurance by Fairfax Financial Holdings Ltd. (TSX:FFH) announced late last year.

OMERS and Fairfax said Friday the pension fund manager has agreed to indirectly acquire a roughly 21 per stake in Allied World, subject to certain regulatory approvals.

Fairfax said it’s also in discussions with several other parties about participating in the Allied World investment.

Toronto-based Fairfax _ which owns a variety of property and casualty insurers, among other things _ announced an agreement last month to acquire the Swiss insurer for US$4.9 billion in cash and stock.

Under the deal, Allied World shareholders will receive US$54 per share from Fairfax in a combination of cash and shares plus a $5 cash dividend from Allied World.

Fairfax chairman and CEO Prem Watsa said the OMERS investment will allow his company to increase the cash component of the offer to Allied World shareholders.

Watsa told analysts on Dec. 19 that he views Allied World as “the largest and the best company Fairfax has purchased over 31 years.”

In a joint statement issued with Fairfax, Sharon Ludlow of OMERS said Allied World is “highly complementary” to Fairfax’s existing operations and consistent with the OMERS investment strategy.

OMERS, which administers pensions for 461,000 members from municipalities, school boards, emergency services and local agencies across Ontario, had more than $77 billion in net assets under management as of Dec. 31.

 

The Co-operators acquires Denny’s Insurance

GUELPH, ON, Jan. 16, 2017 /CNW/ – Co-operators General Insurance Company announced today that its wholly-owned subsidiary has purchased Denny’s Insurance located in Acton, Ontario. The brokerage’s portfolio includes personal and commercial insurance policies.

Current clients of the brokerage will be notified of the change in ownership and their existing insurance coverage will remain in effect with no changes to their premiums or coverage for the current term of their policies. As current policies expire, clients will be offered comparable policies from The Co-operators.

“This is another stride made in strengthening and growing our agency distribution system in Ontario, and across the country—allowing us to better serve Canadians and their families,” said Rob Wesseling, president and CEO of The Co-operators. “We look forward to helping our new clients get the insurance and investment products they need to achieve financial security, and ultimately, peace of mind.”

Clients will enjoy the exemplary service of a leading national insurance co-operative and have access to a full suite of insurance products including home, auto, life, travel, commercial and farm insurance.

About The Co-operators:
The Co-operators Group Limited is a Canadian co-operative with more than $44 billion in assets under administration. Through its group of companies it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co-operators is well known for its community involvement and its commitment to sustainability. The Co-operators is listed among the Best Employers in Canada by Aon Hewitt; Corporate Knights’ Best 50 Corporate Citizens in Canada; and the Top 50 Socially Responsible Corporations in Canada by Sustainalytics and Maclean’s magazine. For more information please visit www.cooperators.ca.

SOURCE The Co-operators

Exclusive: Desjardins to sell Western Financial unit – sources

Excerpted article By John Tilak and Matt Scuffham

TORONTO (Reuters) – Canadian financial services group Desjardins is selling Western Financial, an insurance brokerage unit in Western Canada, six years after acquiring the business, sources familiar with the sale said.

The asset, which includes a brokerage and a life insurance business, could be worth about C$500 million ($381 million), according to three sources, who declined to be named as the matter is private. The sources spoke over the past week.

Desjardins said on Friday it doesn’t comment on rumors.

Canada’s property and casualty insurers have been consolidating in response to challenging market conditions due to low interest rates, volatile investment returns and sluggish economic growth.

The retreat from a business focused on some of the oil-producing provinces comes after a prolonged slump in oil prices began taking a toll on financial service providers exposed to the region. Quebec-based Desjardins is the biggest customer-owned financial services group in Canada.

Desjardins acquired Western Financial Group for C$443 million in 2011. Western Financial was a publicly listed company for 15 years until the acquisition.

Economical Mutual Insurance Co this month bought Desjardins Group’s pet insurance business, Western Financial Insurance Co, which was part of Western Financial Group.

British insurer Aviva plc’s (AV.L: Quote) Canadian division last year acquired the general insurance division of lender Royal Bank of Canada (RY.TO: Quote) for C$582 million ($443.06 million).

Desjardins, which snapped up State Farm Canada’s businesses in property and casualty and life insurance in 2015, is now one of the biggest property and casualty insurers in Canada.

Canadian property and casualty insurer Intact Financial Corp IFC.TO, Aviva and U.S. insurer Travelers Cos Inc TRV.N are among those that may be interested in Western Financial Group, the sources said.

Intact, Aviva and Travelers Cos did not immediately respond to requests for comment.

Insurance companies looking to strengthen their distribution network are likely to find it particularly appealing, the sources said. Pure-play brokerages could also take a look, the sources said.

The potential buyers could also spin out the life insurance business after completing a deal, one of the sources said.

Desjardins is looking to sign a deal over the next few months, the sources said.

The insurer reported a 12 percent rise in earnings before payouts to members in its latest quarter, with strength in wealth management, life and health insurance businesses making up for weaker growth in its property and casualty business.

(Reporting by John Tilak and Matt Scuffham; Editing by James Dalgleish)

 

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