Toronto, ON (Mar. 7, 2022) – Équité Association is partnering with Shift Technology to build a national fraud detection system using artificial intelligence (AI), a first for Property & Casualty (P&C) insurers and the Canadians who rely upon them.
Insurance fraud, estimated to cost Canada $2-3 billion per year, is a serious matter and one that has become more pervasive and emboldened through technology. Équité strives to detect and prevent insurance crime in support of all insurers in Canada, using advanced analytics, intelligence best practices, and coordinated investigations. The partnership between Équité and Shift will build the first P&C, national, Canadian and consortium-based approach using AI to detect and prevent insurance fraud, addressing a landscape where technology and fraud are evolving faster than ever.
“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,” says Terri O’Brien, President and CEO of Équité Association. “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.”
Building on Shift’s previous successes modeled with national insurance consortia to detect and prevent insurance crime, Équité will enable real-time capture of suspicious activity to support its own highly regarded investigations team, as well as insurers and partners across the country.
“The power of shared data at the centre opens the door to faster, better identification of criminals and criminal activity,” continued Ms. O’Brien. “We can protect honest, hardworking Canadians and our members using AI to evolve with changing fraud trends.”
Jeremy Jawish, CEO of Shift Technology welcomed the Équité partnership: “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. We are proud to be supporting this mission.”
Delivering AI-powered fraud detection and claims automation solutions to insurers around the globe, Shift Technology has a proven record in empowering industry-scale counter-fraud initiatives working alongside more than 100 insurers worldwide in the UK, U.S., France, Hong Kong, and Singapore.
For more information about Équité Association, visit www.equiteassociation.com.
For more information about Shift Technology’s AI-powered decision automation and optimization solutions for the insurance industry, visit www.shift-technology.com.
About Équité Association
A new company, Équité Association was conceived by the insurance industry to integrate cross-insurer data analytics operations with Investigative Services as a centralized effort to combat insurance fraud. Équité is a 21st century company, operating as an independent, not-for-profit organization, to expand the reach and impact of both founding teams while augmenting data, technology, and investigations, to serve as a centre point for insurance crime across all insurers in Canada. Équité aims to offer a global standard in successfully combatting insurance crime. Our services are available to all insurance companies. They gain access to fraud prevention, investigative solutions and a cross-insurer, intelligence-sharing hub. By participating in the products and services of Équité, insurers are invested in diminishing crime in Canada, and protecting all Canadians against exploitation. For more information, visit www.equiteassociation.com.
About Shift Technology
Shift Technology delivers the only AI-native decision automation and optimization solutions built specifically for the global insurance industry. Addressing several critical processes across the insurance policy lifecycle, the Shift Insurance Suite helps insurers achieve faster, more accurate claims and policy resolutions. Shift has analyzed billions of insurance transactions to date and was presented Frost & Sullivan’s 2020 Global Claims Solutions for Insurance Market Leadership Award. For more information, visit www.shift-technology.com.
SOURCE: Shift TechnologyTags: Artificial Intelligence (AI), fraud, industry first, partnership, Shift Technology