The Insurance Bureau of Canada (IBC) Board of Directors recently agreed to create an industry advisory group, 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.