On November 15, 2021, our President & CEO, Terri O’Brien, presented an overview of Équité Association to an international audience. More than 45 speakers and 30 countries came together to share updates on challenges, trends, best practices and regulatory insights specifically related to insurance fraud. The conference targeted industry organizations that support insurers, law enforcement, regulatory bodies, data and analytics providers for industry, and other international organizations such as coalitions against insurance fraud.
Incase you missed it, here are the highlights of her presentation:
- Insurance crimes are not victimless crimes – they hurt Canadians…and in particular these crimes exploit our most vulnerable communities and lowest income earners.
- Insurance crime and fraud is an industry issue that crosses companies, borders, and industries.
- We know fraudsters leap around our insurers, our provincial and state borders, and the globe.
- Équité Association (Équité) is a brand new organization and our mission is to eradicate insurance crime in Canada.
- Équité offers its members the advantages of aggregated data, including fraud data modeling and enhanced reporting, complimented by the hands-on expertise of seasoned investigators, supporting large cross-insurer fraud cases.
- Équité’s three-year strategy moves the industry towards unified investigations, and leveraging data and data modeling, to detect and prevent complex insurance crimes.
- The strategy has four main pillars to create value:
- The first pillar is familiar to all companies: strategy – which is all about the plan, the roadmap.
- Our second pillar – Intelligence & Engagement – could really be called “Information and our Members.” From interactions with data to keeping members involved, it is about how we ensure collaboration inside and outside of our organization.
- The third pillar is about Data and its operations. We need the right models and to find the right trends.
- The fourth pillar is Investigative Services. Our investigations team, many with long-standing careers in law enforcement, has more than 50 agreements in place with local police agencies, port authorities, and regulatory bodies.
- We will also enhance our Investigation Coordination and Support Services - the first service of its kind – to coordinate Canadian insurers to collaborate on complex investigations that benefit many insurers and reduce more fraud.
- I continuously ask my team, and myself: How can we get there faster?
- I believe we can harness the power of aggregation.
- Aggregated data allows us to find the known and often obvious patterns left by fraudsters.
- Aggregated data for complex investigations means insurers can collaborate on cross-insurer investigations to disrupt crime rings, collaborating with local law enforcement.
- Please join us in working hard to eradicate insurance crime across the globe.