Toronto, ON (Oct. 31, 2023) \u2013 \u00c9quit\u00e9 Association is pleased to announce the launch of \u00c9Q Insights. This groundbreaking, consortium-based approach uses predictive analytics and machine learning to detect and prevent insurance crime.<\/p>\n
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.<\/p>\n
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 \u00c9quit\u00e9 and its members the upper hand in the fight against insurance crime. \u00c9quit\u00e9 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.<\/p>\n
Collaboration is integral to eliminating insurance crime in Canada. \u00c9Q Insights harnesses the power of the consortium to identify insurance crimes that might otherwise go undetected. \u201cBy coming together to share intelligence, and merging analytics with member investigations, we can start to move the industry to a \u2018predict and prevent\u2019 model and, ultimately, make a meaningful reduction of these crimes in Canada,\u201d says Terri O\u2019Brien, President and CEO of \u00c9quit\u00e9 Association.<\/p>\n
Accompanying this announcement, \u00c9quit\u00e9 has also released a brief video about \u00c9Q Insights:<\/p>\n