Earlier this month, we released the First Half of 2023: Auto Theft Trend Report, which called attention to the continued increase in auto thefts, following the historically high auto theft trends in 2022. The trend clearly indicates that organized crime groups are looking at stolen vehicles in Canada as a low-risk/high-reward funding opportunity.
In today’s landscape, where insurance crime has never been more complex, Canadian property and casualty (P&C) insurers are doing more than ever to protect consumers through their strategic partnership with Équité. Criminals are using increasingly sophisticated technologies to commit crimes, making their activity harder to detect and prevent. To stay ahead of this, the industry is working with Équité, who is investing in leading-edge technology to deliver data-driven insights through the first consortium-based intelligence platform, ÉQ Insights.
ÉQ Insights is a game-changing platform, which will help fight insurance crime using predictive analytics. It will enable us to detect patterns of fraud and provide the industry with the ability to move to a predict-and-prevent model using predictive analytics and machine learning.
In 2022, we built the foundation for ÉQ Insights by implementing our security architecture, policy, and governance, and working closely with our members to prepare for a successful launch. This year in Q3, a core group of members are piloting the platform and working closely with our technology team to enable faster onboarding for the rest of Équité’s membership.
We are excited for the capabilities ÉQ Insights will bring to members, which includes delivering advanced analytics to identify more fraud, creating fraud behavioural profiles, improving the network link analysis across crime groups, and providing intelligence-rich fraud alerts and reporting. As part of our commitment to enhance our services for members, ÉQ Insights will empower our members to protect their good customers.
In an environment where technology and fraud are evolving faster than ever, no one company can tackle this on their own. Recognizing the industry’s collective strength is collaboration, Canadian P&C insurers have embraced this collective approach, which is critical to the sustainable, long-term impact the industry can have to reduce insurance crime in Canada.