September 27, 2021 (TORONTO) – Insurance Bureau of Canada's (IBC's) Board of Directors has approved the transfer of its Investigative Services (IS) division to Équité Association, an independent, not-for-profit organization committed to reducing insurance crime. The transfer is effective October 1, 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.
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.