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TORONTO, Oct. 4, 2013 /CNW/ - The newest member in the fight to combat insurance crime is pleased to announce its name and new CEO today. CANATICS, or Canadian National Insurance Crime Services, is a not-for-profit organization focused on using state-of-the-art analytical tools to identify potentially suspicious claims in insurance industry pooled data, to facilitate further investigation by individual insurers. By identifying these claims with participating insurers, CANATICS will provide insurance companies with an exciting new tool to aid in the investigation of insurance crime.
Automobile insurance fraud is a significant cost to consumers across Canada, and particularly in Ontario. A report by KPMG Canada, prepared for the Ontario Auto Insurance Anti-Fraud Task Force, estimated that as much as $1.6 billion per year is paid by insurance companies in response to fraudulent or inflated claims. The Anti-Fraud Task Force went on to recommend that "Insurers should move aggressively to establish an organization that would pool and analyse claims data in order to identify potential cases of organized or premeditated fraud."
While insurance companies identify, and prosecute fraudulent activity, it is consumers who ultimately pay for this criminal activity through increased insurance premiums. Ben Kosic, the newly appointed CEO for CANATICS, says this new organization will provide the necessary assistance to strike at fraud. "By uncovering networks of connected claim activity across insurers we will help ensure that investigators focus their investigations on the right claims."
Mr. Kosic, a former Partner at KPMG Canada, has a background which covers more than two decades of management and information technology consulting experience and a track record of defining strategies and roadmaps and driving growth. He also has deep industry knowledge in Business Intelligence and Data Analytics.
"Our mission is simple -- To combat insurance crime for the benefit of Canadians," said Mr. Kosic. "We'll do that by providing individual insurers, and the industry, with superior intelligence derived from analytics on industry pooled data."
CANATICS also announced its Board of Directors - senior insurance industry executives representing a cross-section of the Canadian market.
The Board is comprised of the following people:
Vice President Claims Services
Senior Vice President
State Farm Insurance Companies
VP Fraud Management
Karin Epp Ots
Sr. Vice-President, Regulatory and Government Relations
Aviva Canada Inc.
Vice President, Claims Operations & Legal Counsel, Ontario, Atlantic & Western Regions
Desjardins General Insurance Group
Kevin John McConkey
Vice-President, Central Ontario Region
Intact Financial Corporation
Canadian National Insurance Crime Services or CANATICS is a non-profit organization focused on fighting insurance crime by providing insurance companies, the industry with superior intelligence, derived from analytics performed on industry pooled data. CANATICS maintains a relentless focus on data quality, privacy and security.
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