The transfer is effective from 1 October 2021. Équité will integrate cross-insurer data analytics from Canadian National Insurance Crime Services (CANATICS) and IBC's IS. It will provide leading-edge investigations into insurance fraud by expanding the reach and impact of both of the founding organizations. Équité will also augment data, technology and investigations, and serve as a central point for insurance crime data.
"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 CEO, IBC.
Insurance fraud detection capability enhanced through data sharing
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. IBC will continue to support the P&C insurance industry through its Issues Management services. Both Équité and IBC are committed to a smooth transition that will not disrupt current services or ongoing investigations.
Insurance Bureau of Canada (IBC) is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up 90 per cent of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.