- Équité Association’s new Advanced Fraud Analytics & Countermeasures platform works with Shift Technology to use artificial intelligence (AI) to serve the Canadian property and casualty insurance (P & C) insurance industry.
- The partnership between Équité and Shift will build a state-of-the-art consortium-based fraud analysis platform and use AI to detect and prevent insurance fraud. This is the first time in the Canadian P & C industry.
Toronto, March 7, 2022 (GLOBE NEWSWIRE) —Équité Association is partnering with Shift Technology to build a nationwide fraud detection system using artificial intelligence (AI). This is the first time for a non-life insurance (P & C) insurance company and Canadians who depend on it.
Insurance fraud, which is estimated to cost $ 2 to $ 3 billion annually in Canada, is a serious problem, and technology is making it even more prevalent and bold. Équité uses advanced analytics, intelligence best practices, and coordinated research to help detect and prevent insurance crimes that support all Canadian insurers. The first P & C, national, Canadian, and consortium-based partnership between Équité and Shift to use AI to detect and prevent insurance fraud and address situations where technology and fraud are evolving faster than ever before. Approach is built.
“Effective partnerships and innovative approaches are essential to the fight against fraud and support our mission to create more value for our members and protect Canadians,” he said. Terry O’Brien, President and Chief Executive Officer Ekite Association.. “Collaboration is at the heart of everything we do. Based on the expertise of the Shift consortium in 10 countries around the world, we have selected the right technology for the right purpose. These technologies are large and diverse. We have a proven track record in scaling across regions. “
Detect and prevent insurance crime based on Shift’s previous success, modeled after the National Insurance Consortium. Équité captures suspicious activity in real time to support insurers and partners across the country, as well as our own highly regarded research team.
“The power of shared data at the center opens the door to faster and better identification of criminals and criminal activity,” O’Brien continued. “We can use AI to protect honest, hard-working Canadians and their members as they evolve with changing trends in fraud.”
Shift Technology CEO Jeremy Jawish We welcomed the Ekite partnership. “The old maxim” strength in numbers “is not true and applies directly to Ekite’s mission. Reducing the impact of insurance fraud on a nationwide scale benefits insurers and their customers across Canada. We are proud to support this mission. “
Shift Technology provides insurance companies around the world with AI-powered fraud detection and billing automation solutions in the United Kingdom, United States, France, Hong Kong, and Singapore.
For more information about the Ekite Association, please visit the following website. https://www.equiteassociation.com/
For more information on Shift Technology’s AI-powered decision automation and optimization solutions for the insurance industry, visit: www.shift-technology.com..
About the Ekite Association
A new company, the Équité Association, was devised to integrate data analytics operations across the insurance industry with Investigative Services as a focused effort to combat insurance fraud. Équité is a 21st century company, operating as an independent non-profit organization, expanding the scope and influence of both founding teams while enhancing data, technology and research, and insurance crimes for all insurers. Serves as the center of. In Canada. Équité aims to set a global standard in the fight against insurance crime. Our services are available to all insurance companies. They have access to fraud prevention, investigation solutions, and intelligence sharing hubs between insurers. By participating in Équité’s products and services, insurance companies are investing in reducing crime in Canada and protecting all Canadians from exploitation. For more information, https://www.equiteassociation.com/..
About shift technology
Shift Technology provides the only AI-native decision automation and optimization solution specifically built for the global insurance industry. The Shift Insurance Suite addresses several key processes throughout the insurance policy life cycle to help insurers achieve faster and more accurate claims and policy resolution. Shift has analyzed billions of insurance transactions to date and received Frost & Sullivan’s 2020 Global Claims Solutions for Insurance Market Leadership Award. For more information, please visit www.shift-technology.com.
Équité Association, Vice President of Partner and Employee Engagement and Marketing, Dennie Theodore
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The Équité Association has partnered with Shift Technology to provide a national fraud detection platform, the Canadian Business Journal.
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