Angel Yau-Vandenburg, VP, Chief Data & Technology Officer at Équité Association, leads the data and technology team which developed the ÉQ Insights platform.
The ÉQ Insights platform was developed to move the property and casualty (P&C) insurance industry to a ‘predict and prevent’ model. The platform offers our members the advantages of predictive analytics and enhanced reporting, complemented by hands-on expertise of seasoned investigators. ÉQ Insights was launched in Q3 to a select group of pilot members, with additional members onboarding in early 2024.
Q: What excited you about taking on the role and vision of ÉQ Insights?
AYV: I believe in data-driven identification of fraud through advanced analytics, and I recognize the need for investigators and data analytics to work hand-in-hand to combat fraud. This is a multifaceted issue, and collaboration between data and real-world investigations is key to our success. I want to help protect Canadians from insurance fraud by mobilizing the dual strengths of predictive analytics and specialized investigations.
Q: How has the insurance industry reacted to the creation of ÉQ Insights?
AYV: Our members are very excited about the launch of ÉQ Insights as it is the first national, consortium-based predictive analytics platform for fraud detection and prevention. It enables near real-time capture of suspicious activity to detect and prevent insurance crime, and support member investigations. It will be a game changer to the whole industry.
Q: How will ÉQ Insights positively affect the insurance industry, law enforcement and investigative partners?
AYV: ÉQ Insights is a tool that brings together industry-wide information in one place for the very first time. With the power of this consortium model, each insurer no longer has to combat insurance crime alone. In addition, insurers will be able to proactively identify bad actors who are repeatedly targeting the industry and exploiting multiple insurers, across products and jurisdictions.
By collaborating with law enforcement, this platform will evolve with emerging and changing fraud trends to better identify criminal activities earlier, alerting on suspicious activity, and these alerts will be relayed to our members' investigators to assist them with their investigations.
Q: How will ÉQ Insights impact public safety in Canadian communities?
AYV: Insurance crime always has a victim, whether it is in our neighbourhoods, homes, or the fear and loss it leaves behind for individuals. It could affect any one of us, often targeting the most marginalized in our society. Beyond the individual impact of having a vehicle stolen, auto theft and insurance fraud are also known to finance other criminal activities, such as drug trafficking, arms dealing, and international terrorism. Addressing this worsening issue is an important step in keeping Canadians safe and stemming the flow of funds into organized crime. Successfully combating insurance crime creates safer communities for all honest, hardworking Canadians.
Q: Why is ÉQ Insights a game-changer?
AYV: Fraud is hidden in the insurance claims and can be hard to detect. Each individual insurance company can only see the insurance fraud happening within their organization. ÉQ Insights will allow for the identification of potential fraud and fraud rings, with a goal to eliminate insurance fraud and crime in Canada. While each insurer continues to combat insurance crime within their own organization, ÉQ Insights will bring together the power of the consortium to disrupt, predict and prevent the insurance crimes. The industry’s collective strength is collaboration, which is critical to the sustainable, long-term reduction of insurance crime in Canada.
This is the future of combatting insurance fraud.