Canadian anti-fraud organization Équité Association has entered into a partnership with Shift Technology to develop a national fraud detection system.
The partnership will see the two collaborate to make the first national, consortium-based P&C platform that utilizes artificial intelligence (AI) to detect and prevent insurance fraud. The platform – which leverages Shift Technology’s AI and machine learning solutions – will enable real-time capture of suspicious activity, and support Équité’s investigations team, as well as the insurers and partners the group works with.
“Effective partnerships and innovative approaches are integral to the fight against fraud, to create further value for our members and support our mission of protecting Canadians,” said Équité Association president and CEO Terri O’Brien. “Collaboration is at the heart of all we do. We chose the right technology for the right purpose, building on Shift’s consortium expertise in 10 countries globally, and they have a proven record in scaling across a large and diverse geography.”
“The old adage ‘there is strength in numbers’ could not be truer and directly applies to the Équité mission. Mitigating the impact of insurance fraud, at a national scale, benefits insurers and their customers across Canada,” said Shift Technology CEO Jeremy Jawish. “We are proud to be supporting this mission.”
Last month, Shift Technology entered into a similar anti-fraud detection partnership with the Canadian Life and Health Insurance Association (CLHIA). In that partnership, the two are collaborating on an AI-powered solutions which analyzes industry-wide anonymized claim data to identify fraud patterns.