The start of the quité Association marks a milestone for crime prevention in the entire insurance industry
New anti-fraud organization to fight multi-million dollar insurance fraud that exploits vulnerable consumers
Members benefit from a centralized approach with experienced research and analysis teams
TORONTO, October 4, 2021 – (BUSINESS WIRE) – Today, the Équité Association officially launches as the united front for the Canadian insurance industry against insurance fraud and exploitation. Insurance fraud and crime are a growing multi-million dollar societal problem resulting in higher premiums, wasted resources, and consumer exploitation.
As technology has advanced, insurance crime has become more ubiquitous and requires more effort and focus to protect Canadians. The launch of Équité is the result of the industry’s need for a centralized and focused strategy to keep insurance fraud out of Canada.
As a national, independent non-profit organization, Équité will integrate the renowned Investigative Services Division (ISD) of the Insurance Bureau of Canada with advanced analysis functions. In the first half of 2021 and with pandemic restrictions, savings for the property and casualty insurance (P&C) industry, aided by efforts by ISD, are estimated at an estimated $ 34.4 million in recovering stolen vehicles and commercial cargo. This strong starting point was without the benefit of integrating analysis into investigations.
Équité was specifically built as an independent organization to ensure transparency and to offer members a centralized approach. Its members – who represent the leading non-life insurers in Canada – will work with Équité’s analysis and investigation teams to detect and prevent fraud and crime across the industry as they lead the association through being represented on the board.
President and CEO Terri O’Brien, one of Canada’s leading fraud and risk strategy leaders appointed in April 2021, intends to take a collaborative, results-driven approach to make significant strides in the fight against insurance fraud.
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“Through Équité, members have access to an advanced network dedicated to the detection and prevention of insurance fraud and crime, including: advanced analysis and countermeasures, investigative services, intelligence and intelligence, and reporting on emerging threats and trends,” said O ‘ Brien. It is supported by a board of directors, comprised of industry representatives and expertise from Canada’s largest insurers and agencies, led by the Équité Association’s chairman and Aviva Canada CEO Jason Storah.
“Insurance fraud is a very real and increasingly complex problem for consumers, insurers, law enforcement and governments,” said Storah. “Équité will proactively use world-class analytical and investigative techniques, as well as visibility into results, to make progress in the fight against insurance fraud.”
About Equity Association
Équité is a Canadian company that, in its founding year, campaigns for a fairer world by fighting and reducing insurance crime. Insurance crime is serious business and is becoming increasingly ubiquitous thanks to technology and digitization. Équité is committed to discovering and preventing insurance crime in support of Canadian insurers through advanced analytics, smart best practices and coordinated investigations. Équité was founded by the industry to integrate the cross-insurance data analysis operations of CANATICS and the Investigative Services Division (ISD) of the Insurance Bureau of Canada (IBC). Équité continues leading investigation into vehicle and hardware theft and recovery services. More than the sum of its parts, Équité is an independent, not-for-profit organization expanding the reach and impact of both founding teams while expanding data, technology, and investigation to serve as a focal point for data and approaches to insurance crime Canada.
Learn more at www.equiteassociation.com.
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