ICBC steps up the fight against insurance fraud
ICBC has recently launched a new insurance fraud education campaign aimed at reducing the costs associated with fraud. Fraudulent claims are estimated to account for 10-20% of all claims costs, which translates to each ICBC customer paying over $100 each year, as part of their insurance policy, to offset these fraudulent claims.
In December, ICBC started reviewing more than 3,300 possibly fraudulent claims that were identified by their new fraud analytics software tool – yet another addition to the fight against insurance fraud. After reviewing 102 of the claims identified, ICBC’s Special Investigation Unit (SIU) commenced full fraud investigations for 48 of those claims. ICBC also reported a 66% increase in fraud tips over those received in 2015, which it attributed to last year’s fraud information campaign. In total, ICBC’s SIU undertook about 10,000 fraud investigations in 2016 and is forecasting that their combined fraud detection activities will save them $21 million over the next year.
FSG is proud to assist with insurance fraud and other fraud investigations by providing Open Source Analysis in conjunction with investigative and surveillance services. An example of a fraud investigation we carried out this past year involved a total disability file. Our Open Source Analysis uncovered that the subject of the file was an avid soccer player, and our surveillance operations led investigators to believe that the subject was still working. We were then able to obtain video documentation of the subject engaged in labour-intensive work over a period of time and actively playing soccer.
ICBC continues to step up fight against insurance fraud. ICBC posted on October 20, 2016 http://www.icbc.com/about-icbc/newsroom/Pages/2016-Oct20.aspx
ICBC identifies over 3,000 possible fraud alerts on open claims with new analytics software. Canadian Underwriter posted on December 9, 2016 http://www.canadianunderwriter.ca/insurance/icbc-identifies-3000-possible-fraud-alerts-open-claims-new-analytics-software-1004105294/
ICBC launches education campaign on insurance fraud. Canadian Underwriter posted on February 21, 2017 http://www.canadianunderwriter.ca/insurance/icbc-launches-education-campaign-insurance-fraud-1004109125/
ICBC steps up fight against auto insurance fraud in 2017. ICBC posted on February 20, 2017 http://www.icbc.com/about-icbc/newsroom/Pages/2016-Feb20.aspx
New alert tool enhances ICBC’s fight against insurance fraud. ICBC posted on December 8, 2016 http://www.icbc.com/about-icbc/newsroom/Pages/2016-Dec8.aspx
Preventing fraud. ICBC http://www.icbc.com/about-icbc/Pages/fraud.aspx