Leading Canadian Property and Casualty Insurer to Automate Manual Process, Aiming for Improved Employee Productivity
Waterloo, ON (Aug. 31, 2021) – Shift Technology, a provider of AI-driven decision automation and optimization solutions for the global insurance industry, today announced that Economical Insurance, a leading property and casualty insurer in Canada, will deploy Shift Claims Fraud Detection, one of the solutions comprising the Shift Insurance Suite. The insurer will use Shift’s technology to better spot potentially suspicious claims in its Personal and Commercial Auto and Property lines of business.
Believing strongly that fraudulent claims have a negative impact on all policyholders, Economical was looking for an automated solution that could build on their existing AI tools, integrate third party data and reduce reliance on manual processes to help in their ongoing efforts to ensure legitimate claims are settled as quickly, accurately, and fairly as possible. To help achieve this goal, the insurer turned to Shift.
“The process of identifying, reviewing, and investigating suspicious claims was simply taking too long,” explained Hans Reidl, senior vice president, Claims. “With Shift Claims Fraud Detection, we have an automated solution we can trust to help us more quickly uncover and triage questionable claims all while moving legitimate claims more rapidly through the system.”
In addition to increasing the speed and efficiency with which an insurer can uncover and review suspicious claims, Shift Claims Fraud Detection provides several valuable capabilities previously unavailable. The ability to automatically ingest third-party data, including publicly available social media and other web content, advanced document and photo analysis, and the inclusion of medical provider data for claims involving bodily injury, are all viewed as critical to modernizing insurers’ approaches to fraud detection and mitigation. Advanced fraud detection capabilities are also seen as an important foundation to insurers’ claims automation strategies.
“Effective, efficient fraud detection is critically important to so many aspects of an insurer’s business. When you have greater assurance that a claim is legitimate, it opens the door to so many other opportunities,” stated Dan Donovan, head of customer success, Shift Technology. “Economical is able to retire a highly manual process, which we believe should enable quicker determination of the nature of its claims and settling them with confidence, all leading to a more exceptional customer experience for policyholders.”
About Economical Insurance
Economical Mutual Insurance Company (“Economical” or “Economical Insurance,” which includes its subsidiaries where the context so requires) is a leading property and casualty insurer in Canada, with approximately $2.9 billion in annualized gross written premiums and over $6.5 billion in assets as at March 31, 2021. Economical is a Canadian-owned and operated company that services the insurance needs of more than one million customers. For more information, visit www.economical.com.
About Shift Technology
Shift Technology delivers the only AI-native decision automation and optimization solutions built specifically for the global insurance industry. Addressing several critical processes across the insurance policy lifecycle, the Shift Insurance Suite helps insurers achieve faster, more accurate claims and policy resolutions. Shift has analyzed billions of insurance transactions 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.
SOURCE: Shift TechnologyTags: Economical Insurance, fraud, Shift Technology