While there’s multiple opportunities for the use of artificial intelligence in the employee benefits space — including making the claims process more efficient and personalizing the plan member experience — one of the biggest advantages of the technology is the ability to streamline administrative tasks, allowing employees to focus on more value-added work in addition […]
Misconduct can devastate the value of an investment. A recent study on the pervasiveness and scope of corporate fraud by Alexander Dyck, professor of finance and economic analysis at the University of Toronto’s Rotman School of Management, found securities fraud by U.S. companies costs investors about US$830 billion each year. For Canadian institutional investors, participating […]
The Pension Regulator, the U.K. government body that oversees defined benefit pension plans, is calling on plan sponsors to help advance a three-pronged strategy to fight pension fraud. “Over many years, we have worked to prevent savers’ losses and put fraudsters in prison: running large-scale public awareness campaigns, leading a multi-agency response to the threat […]
Investors in a defunct Toronto asset management firm, the subject of an on-going court battle, have until late September to file compensation claims. In a decision from the Ontario Superior Court of Justice, investors in Bridging Finance Inc. must submit claims before Sept. 19, 2022. The judgement also directs the asset’s custodian, PricewaterhouseCoopers, to distribute […]
While Quebec’s Auditor General Guylaine LeClerc says the Caisse de Dépôt et Placement du Québec’s exposure to international and private markets is increasing fraud and corruption risks, the institutional investor is describing its strategy as “essential.” “Diversification, both in terms of geography and asset classes, is essential to meet the return needs of our depositors over […]
Police in Kingston, Ont. are warning the public about a new email phishing scam that uses employee benefits enrolments and annual pay raises as bait. Posing as representatives from company human resources departments, the scammers are sending emails about topics such as employee benefits surveys and salary increases. The emails include dangerous attachments or links that bring […]
As benefits fraud schemes become more sophisticated, group insurers must continuously evolve their strategies to keep up to date, according to Shelley Frohlich, director of fraud risk management at Sun Life Financial Inc. A group insurer’s role is to help protect the integrity of the benefits plan by reducing the financial and reputational risks to an […]
Benefits fraud is a top concern among plan sponsors and insurance carriers, as it makes the cost of providing benefits plans more expensive, leading to higher insurance premiums. At Benefits Canada’s 2019 Benefits and Pension Summit in Toronto on April 17, Shelley Frohlich, director of fraud risk management in Sun Life Financial Inc.’s group benefits division, will […]
Green Shield Canada is partnering with HBM+’s health benefits management solutions provider division to introduce an artificial intelligence-based fraud detection strategy. Under the new Claim Watch banner, the new platform finds and compiles data, identifying patterns to unearth suspicious activity. “We’re very proud of what GSC and HBM+ do in the fraud detection and prevention […]
Not all chiropractors practice according to the same philosophy. This is leading some in the benefits industry to believe more scrutiny is necessary when it comes to paramedical expenses and determining whether they’re being used for evidence-based treatments. A recent article in the Globe and Mail highlighted a divide within the chiropractic profession between those who practice evidence-based treatments and those […]