The Insurance Bureau of Canada issued a statement commending Federated Insurance Company of Canada for its help in fighting organized insurance fraud. The company is transmitting weekly claims data to by means of ACE batch submission.
“Increased access to quality claims data is needed to fight organized insurance fraud,” stated Rick Dubin, IBC VP, Investigations. “When key information is shared and analyzed by investigators and IBC’s crime analyst, the insurance industry only stands to benefit from collective anti-fraud efforts.”
George Halkiotis, Federated’s Claims Director, indicated, “This is a new and innovative step in the fight against organized auto theft and staged accidents since ACE now captures service supplier information. We are excited to enter into this partnership with IBC and contribute to data submission that will likely result in increased fraud detection at the early stages of a claim.”
The bulletin explained that “Through the use of IBC’s fraud detection software linkages in the data are found in order to identify organized auto theft and staged accidents. All data collected through ACE is used in fraud detection by IBC’s investigative services. Linkages in the data are found in order to identify organized insurance fraud and coordinate investigations across all affected insurance companies. The quick submission of claims information, through ACE, will ultimately contribute to the early detection and prevention of insurance crime.”
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