The insurance Bureau of Canada(IBC) board of directors approved the relocation of its Investigative Services (IS) division to the Équité Association.
Équité is an anti-insurance fraud not-for-profit group that was established in February. Équité combines the cross-insurer data analytics company Canadian National Insurance Crime Services (CANATICS) and the IS division of the IBC.
On October 01, the transfer will be completed, which will grant Équité to conduct investigations into insurance fraud by expanding the reach of both CANATICS and the IBC. The association can also amplify data, technology, investigations, and be the main point for insurance crime information.
Don Forgeron, president and chief executive officer of IBC said “As insurance fraud becomes increasingly sophisticated, I’m pleased to see the industry respond by creating a unified organization that will combine world-class analytics and investigative techniques, and cross-insurer intelligence sharing.”
Canadian Property and Casualty (P&C) insurance companies will have access to Équité’s services, which include fraud detection, investigative solutions, and an intelligence-sharing hub. The association also aims to raise public awareness of insurance fraud.
In a statement, IBC declared that it would “continue to support the P&C insurance industry through its issues management services.” IBC also acknowledged that they will work hard with Équité to create a smooth transition to prevent the disruption of current services or ongoing investigations. This article was originally sourced by Insurance Business Canada.