Join us on October 19, 2017 from 8-9 AM for a fascinating look at insurance fraud and its wide ranging impacts. Presented by Amanda Pechousek and Jan Peyper, of PricewaterhouseCoopers LLP.
Where: TD Tower, 10088 - 102 Avenue NW, Suite 1501, Edmonton - Check in at Reception on the 15th Floor
Cost: $25 per person, includes light continental breakfast.
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ABOUT THE SESSION:
Insurance fraud is a serious issue that costs the country and Canadian policyholders billions of dollars each year. A 2016 United Kingdom Insurance Fraud Taskforce concluded that insurance fraud is not victimless – it increases the cost of insurance for honest consumers, funds the wider activities of criminal gangs and puts pressure on limited essential public services. Insurance fraud occurs throughout the insurance lifecycle, from application fraud to fictitious or intentionally inflated claims, to ultimately sophisticated organized crime.
The Insurance Bureau of Canada (IBC) also reported that severe weather had a huge impact on Canadians in 2016, with insured losses topping $4.9 billion. The insurance bill for damage caused by the recent US hurricanes, Harvey and Irma, is still being determined. This significantly increases the risk of, amongst others, disaster-related property insurance fraud include inflating losses, faking repairs, claiming lost services, and in some cases, deliberately causing damage to property to collect on insurance policies in the wake of these disasters.
Furthermore technological advances are putting increasing pressure on traditional insurance providers to innovate, by changing their product offerings, engagement channels and data processing in order to compete with new entrants to the market. This requires levels of intelligence and automation for addressing insurance fraud which can overwhelm traditional fraud detection and prevention organizational structures, processes and technological infrastructure.
The changing insurance landscape is also evidenced by the increasing demand for specifically designed policies to address new forms of exposure, such as theft, damage or disclosure of confidential data, denial of service attacks, theft of intellectual property, unauthorized access, loss of revenue and infringement of copyrights. This has resulted in the need for cyber insurance, because traditional comprehensive general liability policies generally do not cover cyber related losses.
It is against this backdrop, that PwC’s Forensic Services will be hosting a session for NARIMS members on October 19, 2017. The session will focus on the latest trends in both economic and cybercrime, as it pertains to the insurance and risk management sector and the impacts thereof. The session will also provide a re-cap of the more traditional fraud schemes which are prevalent in the insurance and risk management sector as well as measures that the sector can take to mitigate against these risks.