Welcome to the February 18 addition of the Friday GAB, a weekly roundup of all the things happening in the group benefits industry. Send me your news and updates to email@example.com
Fraud is bad
CLHIA announced a new anti-fraud initiative that uses advanced AI to further identify and reduce benefits fraud. This initiative to pool claims data is using technology provider Shift Technology to analyze industry-wise anonymized claim data. This will give insurers the edge they need to connect the dots and over time lead to more investigations and prosecutions.
Benefits fraud is a widespread and costly issue – a multi billion dollar issue in fact. Cutting fraud by even just 1% will save plan sponsors and employees $270 Million in claims. Afterall it is the plan sponsor who ends up paying for fraud.
This initiative is being funded across the entire life and health insurance industry through the CHLIA as the next step in enhancing these efforts. I know Sun Life and Equitable Life have confirmed they are part of the program. Most insurers are, but a handful may have opted out.
Benefits fraud is a serious crime. You can learn more about fraud and report it as fraudisfraud.ca
Internet based pharmacy isn't going anywhere
Pocketpills – “Canada’s only national and bilingual online pharmacy” has announced the creation of an advisory board which will provide strategic guidance to support company growth. The advisory board members named as Ivan Ernest, Arlene Dickinson and Sanjay Cherian.
Last for this week, Sun Life is tackling Clarica heritage policies with contract wording updates. Dental codes and dee guides are the target of the wording update