FORT ST. JOHN, B.C. – ICBC announced today that they will be using a new tool to help spot fraudulent insurance claims early in the process.
Fraud analytics technology will use data, algorithms and statistical methods to help spot cases where the claim isn’t truthful.
“This technology is helping ICBC investigators connect the dots earlier, faster and at a level previously not available, in cases where they think a claim may be false or exaggerated,” said Todd Stone, Minister of Transportation and Infrastructure. “Fighting fraud is an important part of ICBC’s efforts to keep rates as low as possible.”
ICBC has signed a five-year agreement with BAE Systems to use fraud analytics software and case management solution.
ICBC says the first run of data through the analytics tool reviewed all claims information for the last 3 years. It found 3,300 possible fraud alerts on open claims.
ICBC says they think the tool could generate an estimated 28,000 alerts per year plus the alerts found through traditional methods.