Effective fraud detection seen as critical element to exceeding customer satisfaction goals
Boston, MA (Aug. 4, 2020) – Shift Technology, a provider of AI-native fraud detection and claims automation solutions for the global insurance industry, today announced that -iA Auto and Home Insurance (iAAH), one of the largest insurance groups in Quebec, has selected the company to support the carrier’s fraud detection initiatives for its Property and Casualty line of business. The insurer will deploy Force, Shift’s fraud detection solution to uncover suspicious behaviors and potentially fraudulent claims related to policyholder losses.
iAAH has long been recognized in the Quebec insurance market for its cutting-edge approach and dedication to innovation. This ethos is applied not only to improve the efficiency of the insurer’s business operations, but also to help it achieve its ambition to be the company that best meets client expectations.
Force applies artificial intelligence and advanced data science to the insurance claims process to identify those claims that may be fraudulent. The ability to quickly and efficiently spot anomalies, outliers, and unexpected connections provides claims professionals with the insight required to understand the true nature of a claim and process it effectively. Suspicious claims are referred for further investigation, with a rationale for why the claim was deemed potentially fraudulent in the first place. Claims that show little or no indication of being fraudulent can be expedited for prompt payment.
“It’s easy to forget that the impact of fraud is felt across the entire claims process. An effective fraud mitigation strategy offers benefits on multiple levels,” explained Jeremy Jawish, CEO and co–founder, Shift Technology. “Settling policyholder claims as quickly, fairly and accurately as possible, without worrying about the process being marred by fraud, is an incredibly valuable proposition.”
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, visit www.shift-technology.com.
About Industrial Alliance Auto and Home Insurance
IAAH Auto and Home Insurance, founded in May 1973, is a division of Insurance and Financial Services Inc., the fourth largest life and health insurance company in Canada. For more information, visit inalco.com.
SOURCE: Shift TechnologyTags: claims, fraud, Industrial Alliance, Property/Casualty (P&C) insurance, Shift Technology