Équité Association has just launched a new platform, ÉQ Insights. The insurance crime detection and prevention tool, billed as “a groundbreaking approach,” is based on predictive analytics and machine learning.
By pooling data from its members, Équité Association claims that it will be better placed to prevent insurance crime. The Insurance Portal requested details from the national organization which supports damage insurers.
Founded in 2021 by the merger of the investigation teams of the Insurance Bureau of Canada (IBC) and the company Canatics, Équité Association aimed from its creation to improve the performance of insurers in their fight against fraud. How is this new platform revolutionary?
“Fraud is hidden in claims and can be difficult to detect. Each insurer only sees the fraud that affects their organization,” emphasizes Angel Yau-Vanderburg.
The expert, Vice President and Chief Data & Technology Officer at Équité Association, led the team that created and implemented the platform. The organization declined our interview request. Équité Association refers us to an interview with Yau-Vanderburg published on October 31 on its website, only available in French.
“I am convinced that data and advanced analytics help detect fraud and that investigators must fight fraud together,” she says, adding that she wants to mobilize the power of predictive analysis and specialized investigations.
“The platform helps capture suspicious activities in near real-time to detect and prevent insurance crime and facilitate member investigations. It will be a game-changer for the entire industry,” she says.
ÉQ Insights makes it possible to integrate all industry information into a single consortium in one place. Insurers are no longer alone in the fight against insurance crime, continues Yau-Vanderburg.
With collaboration from law enforcement, the platform evolves based on fraud trends to detect criminal activity more quickly and send alerts about suspicious activity to insurer investigators.
The article specifies that a small group of insurers participated in the pilot project which led to the activation of the platform. All members will have access to ÉQ Insights in January 2024.
