Oct. 4, 2021 — THE ANTI-FRAUD services provided to the industry have been officially integrated with the transfer of the Insurance Bureau of Canada’s investigative services division to Équité Association.
The new, independent, not-for-profit corporation amalgamates the former IBC unit with the cross-insurer data analytics provider Canadian National Insurance Crime Services, which was known as CANATICS.
The IBC said Toronto-based Équité will provide leading-edge investigations into insurance fraud by expanding the reach and impact of both of the founding organizations. It will also augment data, technology and investigations and serve as a central point for insurance crime data.
Insurers across Canada can access Équité’s services, which include fraud detection, investigative solutions and an intelligence- sharing hub. The new entity will also work to raise public awareness of insurance fraud.
The IBC said it will continue to support the p&c industry through its issues management services.
“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,” IBC CEO Don Forgeron said after the bureau board approved the transfer Sept. 27.
It was announced this summer that Terri O’Brien would lead the new corporation as CEO. She has more than 25 years of experience in financial services, including risk management, fraud, treasury and capital markets, leadership and growth strategies.
Prior to joining Équité, she was chief risk officer at Pace Credit Union and before that at Interac Corp. Ms. O’Brien was also a VP at TD Bank, where she was responsible for its North American anti-fraud strategy.
Équité’s founders said its leadership team will focus on building a ‘members first’ culture through open communication, effective action and collaboration on insurance crime.
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