Federated Insurance Contributes to IBC’s Growing Arsenal to Battle Fraud

In an effort to fight organized insurance fraud, Federated Insurance Company of Canada is transmitting weekly claims data to Insurance
Bureau of Canada (IBC) by means of ACE batch submission.

“Increased access to quality claims data is needed to fight organized
insurance fraud,” said Rick Dubin, vice president, Investigations, IBC.
“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,” he added.

“This is a new and innovative step in the fight against organized auto theft and staged accidents since ACE now captures service supplier information,” remarked George Halkiotis, director of Claims at Federated Insurance Company of Canada. “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.”

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 reportedly ultimately contribute to the early detection and prevention of insurance crime.