CANATICS chooses top international analytics service to detect suspicious insurance claims in Canada
TORONTO--Canadian National Insurance Crime Services (CANATICS), CEO Ben Kosic announced today that CANATICS has closed a five-year deal with BAE Systems Detica to detect suspicious auto insurance claims in Canada. Detica, a global analytics service headquartered in the U.K. with offices in Canada, has several national insurance bodies and global insurance companies as clients and will help CANATICS develop a solution that will analyze pooled industry data from Ontario. Other provinces may be added in the future.
Ben Kosic said, "We chose BAE Systems Detica as our partner because they have the knowledge, skills and services to give the Canadian auto insurance industry superior intelligence from analytics on industry-pooled data. By working with Detica, we will ensure our member insurers' investigators focus on the right claims to reduce organized and premeditated fraud in Canada."
CANATICS' mandate is to analyze pooled auto insurance industry data, using the most current tools, to identify suspicious claims that individual insurers can then investigate.
New to Canada, CANATICS is based on similar organizations elsewhere. The Insurance Fraud Bureau in the U.K. and the National Insurance Crime Bureau in the U.S. have analyzed pooled industry data for years to identify organized fraud activity.
In Ontario, the final report of the Automobile Insurance Anti-Fraud Task Force, released in November 2012, recommended that "insurers should move aggressively to establish an organization that would pool and analyze claims data in order to identify potential cases of organized and premeditated fraud." CANATICS has been established to provide this service to insurers.
As a result of today's deal, BAE Systems Detica will expand its Canadian business based in Toronto and its global insurance fraud prevention offering. Detica's NetReveal anti-financial-crime solutions are currently used by over 130 clients spanning four continents, including six of the top 10 financial banking and insurance institutions in the world.
Chris Green, Managing Director, Financial Crime, BAE Systems Detica, said, "We are truly committed to helping the Canadian insurance industry combat fraud for the benefit of Canadians. Our experience with other national insurance bodies, such as the Insurance Fraud Bureau in the U.K., shows that the best way to combat insurance fraud is for a wide range of insurers to pool and analyze their data centrally. As a consequence, fraudsters can less easily escape detection."
Canadian National Insurance Crime Services or CANATICS is a non-profit organization focused on fighting insurance crime by providing insurance companies with superior intelligence, derived from analytics performed on industry-pooled data. CANATICS maintains a relentless focus on data quality, privacy and security.
BAE Systems Detica delivers information intelligence solutions to government and commercial customers and develops solutions to strengthen national security and resilience.
Detica is part of BAE Systems, a global defense, aerospace and security company with approximately 90,000 employees worldwide.
BAE Systems delivers a wide range of products and services for air, land and naval forces, as well as advanced electronics, security, information technology solutions and customer support services.