Équité Association has launched a national insurance crime detection platform that uses predictive analytics and machine learning to detect and thwart insurance fraud.
The platform, called EQ Insights, leverages a "consortium-based approach," said Équité. It comes as bad actors exploit newer technologies to commit insurance-related crimes, which cost Canadians an estimated $3 billion to $5 billion annually.
"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," said CEO and president Terri O'Brien.
Équité counts Canada's top P&C insurers among its members, including Desjardins, Northbridge, iA Financial, Intact, Beneva, and Co-operators.
By utilizing the ÉQ Insights platform, Équité and its members can curb the rise of insurance-related offenses that often finance other organized criminal activities such as drug and gun trafficking within communities.
Équité released a report on the impact of the country's auto theft crisis on Canadians earlier this month.
According to its survey, 84% of Canadians are concerned about the growing prevalence of auto thefts across the country, while 69% admitted to being worried about their safety and the safety of their families in light of rising auto theft cases.
In another study, Équité found that auto theft claims exceeded $1.2 billion in 2022. It also identified Ontario and Quebec as the provinces that have experienced the highest rates of auto thefts throughout the past year.
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