Shift Technology, a provider of AI-driven decision automation and optimization solutions announced that Economical Insurance, a leading property and casualty insurer in Canada, selected its Shift Claims Fraud Detection as part of its compliance program. Insurers can identify potentially questionable claims by using Shift’s technology in the Personal Auto, Commercial Auto, and Property lines of business.
Dan Donovan, head of customer success, Shift Technology, stated, “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. 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.”
Economical believes that fraudulent claims negatively impact all policyholders’ finances, and therefore they wanted an automated solution that would take advantage of their existing AI tools, integrate third-party data, and automate many of their manual processes so that genuine claims can be processed efficiently and fairly. The insurance company enlisted Shift’s help in achieving this goal.
Hans Reidl, senior vice president, Claims, said, “The process of identifying, reviewing, and investigating suspicious claims was simply taking too long. 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.”
Furthermore, Shift Claims Fraud Detection provides several previously unavailable capabilities in addition to speeding up the process of finding and reviewing suspicious claims. A key part of modernizing insurers’ fraud detection and mitigation efforts is the ability to automatically integrate third-party data such as social media and other content that is publicly available, advanced document and photo analysis, and information pertaining to medical providers when claims involve bodily injury. Insurers’ claim automation strategies rely heavily on fraud detection capabilities.