What Does Insurance Crime Prevention Bureau Mean?
The Insurance Crime Prevention Bureau (ICPB) is a Canadian, non-profit organization founded in 1973 with the purpose of fighting insurance fraud and crime. It gathers data on insurance crime, investigates claims, and works to prevent and deter future instances.
Insuranceopedia Explains Insurance Crime Prevention Bureau
The Insurance Crime Prevention Bureau is akin to the detective of the insurance business. It aims to investigate and convict all insurance fraudsters and criminals. Insurance fraud is an illegal act carried out with the intention to receive insurance benefits through fraudulent claims. It is also considered insurance fraud when an insurer denies a claim that proves to be legitimate. Based on ICPB’s data, one third of the formal investigations they carried out resulted in criminal conviction. One third of the cases resulted to denial of the insurance holder’s claim. The other third resulted to the insurance holder receiving payment for the claim.