Insurers aim for speed and fair settlement of insurance claims using artificial intelligence
Tokyo, Japan (Apr. 4, 2018) – Shift Technology, a solution provider with a focus on enabling insurance organizations to successfully tackle the ongoing and growing claims fraud challenge, today announced MS & AD Insurance Group’s Mitsui Sumitomo Insurance Co., Ltd. and Aioi Nissay Dowa Insurance Co., Ltd. will implement Shift Technology’s FORCE™ as a solution to improve existing capabilities to detect fraudulent insurance P&C claims for domestic business.
Shift Technology’s FORCE is a solution designed to efficiently and effectively detect fraudulent insurance claims using advanced technologies, including artificial intelligence (AI).
Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance anticipate that FORCE will significantly improve their capabilities in detecting insurance fraud, and make them the insurers of choice by clients looking for fair and speedy settlements of insurance claims.
Technical advantages and expected benefits with the implementation of FORCE include:
- Analysis of claims-related “big data” with FORCE’s use of AI and its scoring model to best evaluate for potentially fraudulent claims.
- Enable SIU to efficiently manage investigation work.
- Reduce time to claims resolution for valid claims.
FORCE’s network analysis will also assist SIU handlers in tackling organized fraud through detailed analysis of individuals and entities involved in insurance claims.
NEC Corporation will support the FORCE implementation as the system integrator, while MS & AD Systems will oversee the implementation project.
Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance recognized there has been an upward trend of insurance fraud in various countries, particular in Europe and Asia. It is also believed that fraudulent insurance claims have been more organized and sophisticated in Japan, prompting insurers to improve capabilities to detect fraudulent claims in order to maintain a healthy and sound insurance system in Japan.
With MS&AD considering FORCE the most advanced solution available in the market specializing in detecting fraudulent insurance claims, the companies anticipate significant business enhancements leveraging the combination of FORCE’s AI and big data.
Tetsuro Inoue, associate director, non-marine claims department, Mitsui Sumitomo, outlines, “We decided to adopt and integrate Shift Technology’s FORCE into our system because the solution supports our objective to exponentially improving the accuracy of fraud detection.”
About Shift Technology
Shift Technology is a software solution provider with a focus on enabling insurance organizations to successfully tackle the ongoing and growing claims fraud challenge. Leveraging its expertise in artificial intelligence and insurance, introduced its fraud detection solution FORCE™ in 2014 and has successfully engaged more than 50 insurers globally. To date, Shift has raised over $40 million in capital investment and was named by CB Insights as one of the Global AI Top 100 in both 2017 and 2018. For more information, visit www.shift-technology.com.
MS&AD Insurance Group is an insurance and financial services group composed of 5 insurers across life and non-life insurance businesses with Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance as core insurers.
Group consolidated net assets are JPY 2734.4 billion and group core profit was JPY 213.7 billion (as of Fiscal Year 2016 end).
MS&AD does business across 46 countries and regions worldwide. In the ASEAN region, MS&AD is No.1 in total non-life insurance premiums.
MS&AD insurance Group aims at achieving sustainable growth and to enhance enterprise value through the creation of a world-class insurance and financial services group that operates globally, by rapidly and significantly improving quality and expanding its operating presence and corporate resources.
Source: MS&AD insurance GroupTags: fraud, MS & AD Insurance Group, Shift Technology, solution