The Insurance Bureau of Canada (IBC) Board of Directors agreed to create an industry advisory group to lead the development of a strategy to ensure a smooth transition of anti-fraud services to a single entity. Currently, two entities, IBC and Canadian National Insurance Crime Services (CANATICS), provide anti-fraud services to the industry.
“Fraud costs Ontario drivers alone over a billion dollars every year. But it’s more than a financial problem. For example, insurance fraud cases needlessly tie up courts, fraud that involves staged collisions siphons emergency services away from those who truly need them. Combining the expertise of IBC and CANATICS will better align with insurers’ own efforts to fight fraud and enable data sharing that will make it easier to detect and prevent fraud,” said Don Forgeron, President and CEO, IBC.
The advisory group will include senior members of the insurance industry, with representatives from IBC and CANATICS. The group will begin meeting in late February or early March.
“Fraud continues to grow more pervasive and more sophisticated, and it’s time to up the ante in our fight against it. Our industry has a role to play in protecting innocent consumers from the impacts of fraud. Combining the efforts of IBC and CANATICS will strengthen the industry’s fight against this type of crime,” said Jason Storah, Chair of the Board of CANATICS, and CEO, Aviva Canada.
“IBC and CANATICS continue to collaborate during this time of business as usual,” added Don Forgeron.
About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national industry association representing Canada’s private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.
P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 128,000 Canadians, pays $9.4 billion in taxes and has a total premium base of $59.6 billion.
For media releases and more information, visit IBC’s Media Centre at www.ibc.ca.
CANATICS, or Canadian National Insurance Crime Services, is a not-for-profit organization focused on using state-of-the-art analytical tools to identify potentially suspicious claims in insurance industry pooled data, to facilitate further investigation by individual insurers.