ICBC Enhances Efforts Against Insurance Fraud
North Vancouver, B.C. – ICBC is going high tech in its battle against insurance fraud.
Today the public insurer announced a new analytic tool it says will allow it to step up its fight against fraudulent claims.
Chris Fairbridge, manager of ICBC’s Special Investigation Unit, said in a news conference this morning the tool will allow ICBC to link claims data faster.
(Video below describes how ICBC’s new analytic tool works)
“The tool will help us to sift through larger amounts of data and free up our investigators to do their work. It looks at hidden links and points us to an alert where fraud may exist in a claim.”
He said the new tool has already resulted in 3,330 alerts resulting in 48 new investigations.
“This shines a light on another initiative to help us constrain rising insurance costs,” added B.C. Transportation and Infrastructure Minister Todd Stone. “The rising cost of living is on everyone’s minds and the rising costs of insurance rates is a concern.”
He said the new tool is one of several initiatives the government has recently taken to stem rising insurance rates.
Stone said other programs include the government’s crack down on distracted driving and an initiative announced last month that will see insurance rates double for high end luxury cars (see previous story here).
He estimated the new analytic tool would reduce costs by $21 million over the next year and $44 million by 2019.
ICBC also said while most claims are honest, insurance industry studies still show that exaggerated claims still make up for 10 to 20 per cent of all claims costs.