Équité Association Launches Groundbreaking National Insurance Crime Detection Platform
ÉQ Insights
Toronto, ON (Oct. 31, 2023) – Équité Association is pleased to announce the launch of ÉQ Insights. This groundbreaking, consortium-based approach uses predictive analytics and machine learning to detect and prevent insurance crime.
Criminals are exploiting newer technologies to commit insurance crime, which is estimated to cost Canadians upwards of $3-5 billion annually. Auto theft alone exceed $1.2 billion in claims in 2022. The insurance industry is fighting back with its own innovations, opening the door to faster, better identification of complex insurance crime and stopping the criminals that are stealing from honest, hardworking Canadians.
Insurance crime has never been more complex. New technologies are emerging every day, making criminals harder to detect, intercept and stop. Investments in leading-edge technology and data-driven insights are giving Équité and its members the upper hand in the fight against insurance crime. Équité brings together the power of the consortium to deliver a solution to disrupt, predict and prevent the insurance crimes that often fund other organized crimes, such as drug and gun trafficking in our communities.
Collaboration is integral to eliminating insurance crime in Canada. ÉQ Insights harnesses the power of the consortium to identify insurance crimes that might otherwise go undetected. “By coming together to share intelligence, and merging analytics with member investigations, we can start to move the industry to a ‘predict and prevent’ model and, ultimately, make a meaningful reduction of these crimes in Canada,” says Terri O’Brien, President and CEO of Équité Association.
Accompanying this announcement, Équité has also released a brief video about ÉQ Insights:
Please visit https://youtu.be/gFLw8Wae94U if the embedded video player doesn’t work.
About Équité Association
Équité Association is a not-for-profit, national organization, supporting Canadian property and casualty (P&C) insurers. Équité combats the insurance crime problem that exploits vulnerable Canadians through advanced analytics, intelligence best practices, and coordinated investigations. Delivering improved service and fraud analytics for vehicle, property, and cargo recovery to its members, Équité collaborates with law enforcement, partners and industry organizations to protect Canadians against exploitation. For more information, visit www.equiteassociation.com.
SOURCE: Équité Association
Tags: Équité Association, fraud, launch