The board of directors of the Insurance Bureau of Canada (IBC) has approved the transfer of its Investigative Services (IS) division to the anti-insurance fraud not-for-profit group Équité Association.
Established in February, Équité integrates the cross-insurer data analytics company Canadian National Insurance Crime Services (CANATICS) and the IS division of the IBC.
The transfer, which will be completed on October 01, will allow Équité to conduct investigations into insurance fraud by expanding the reach of both CANATICS and the IBC. The association will also augment data, technology, and investigations, and serve as a central point for insurance crime information.
“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,” said Don Forgeron, president and chief executive officer of IBC.
Property and casualty (P&C) insurance companies across Canada can access Équité's services, which include fraud detection, investigative solutions, and an intelligence-sharing hub. The association will also work to raise public awareness of insurance fraud.
In a statement, IBC said that it would continue to support the P&C insurance industry through its issues management services.
The bureau added that it would work with Équité to ensure a smooth transition to prevent the disruption of current services or ongoing investigations.