Innovative Auto Insurer Views Effective Fraud Detection as Critical to Achieving Company Mission
PARIS and BOSTON, Sept. 9, 2020 /PRNewswire/ — Shift Technology, a provider of AI-native fraud detection and claims automation solutions for the global insurance industry, today announced the company has been selected to support fraud detection initiatives for Falcon Insurance Company. The Illinois-based auto insurer will deploy Force, Shift’s fraud detection solution to accurately and efficiently uncover suspicious behaviors in the claims processes.
Falcon has built a successful business on an ethos of simplicity, creativity, integrity, and efficiency. As such, the company strongly believes that the right combination of technology and expertise results in a fast and fair claims experience, the time when policy holders need insurers the most. Fraud negatively impacts the customer experience through not only higher premiums but also longer time to settlement. Knowing this, Falcon initiated a search for fraud detection technology that would meet their key requirements – ability to uncover a wide range of fraud, support for evolving fraud models – including those resulting from COVID-19 – and fast deployment and rapid return on investment. After a comprehensive evaluation, the insurer selected Shift, specifically citing its deep insurance industry expertise, focused data science teams, and flexible deployment options.
“Fraudulent insurance claims are not harmless. Every policy holder feels their impact and that’s why Falcon has always been focused on rooting out suspicious claims and ensuring they do not get paid,” explained Joe Mase, chief claims officer, Falcon. “With Shift, we’ve found a company that shares our ideals and offers a powerful tool for fighting fraud in the most effective and efficient way possible.”
For insurance carriers concerned about the impact of fraud, Shift provides claims professionals with the tools required to uncover more fraud with unrivalled accuracy. Using artificial intelligence and insurance-focused data science, the company’s fraud detection solution helps insurance companies identify the multiple types of fraud committed by both individuals and networks. Further value is delivered via the detailed rationale and contextual guidance provided for why a fraud alert was generated and how to best investigate it.
“Claims fraud is a well-known problem in the insurance industry, and for far too long, finding it with consistency and accuracy was a daunting proposition,” explained Jeremy Jawish, CEO and co–founder, Shift Technology. “Policy holders want to be treated with fairness and integrity. For forward-thinking insurers like Falcon, Shift is making it easier to find and investigate fraud, while at the same time minimizing the false positives that can introduce confusion and delays into the process.”
About Shift Technology
Shift Technology delivers the only AI-native fraud detection and claims automation solutions built specifically for the global insurance industry. Our SaaS solutions identify individual and network fraud with double the accuracy of competing offerings, and provide contextual guidance to help insurers achieve faster, more accurate claim resolutions. Shift has analyzed hundreds of millions of claims to date and was presented Frost & Sullivan’s 2020 Global Claims Solutions for Insurance Market Leadership Award. For more information please visit www.shift-technology.com.
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SOURCE Shift Technology