UK Motor Insurer Views Fraud Mitigation as Benefiting Honest Policyholders
Shift Technology, a provider of AI-native fraud detection and claims automation solutions for the global insurance industry, announced that 1ST CENTRAL, a leading UK-based motor insurance provider has selected the company to support its fraud detection initiatives. As a result, 1ST CENTRAL will deploy Force, Shift’s fraud detection solution, to uncover and identify suspicious behaviors in both the insurer’s application and claims processes.
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1ST CENTRAL’s customer-centric approach to motor insurance combines affordable premiums with a focus on simplifying the overall insurance experience for policyholders. Minimizing the impact of fraud on its business has long been one of the company’s driving principles. Following an exhaustive evaluation of the fraud detection solutions available, 1ST CENTRAL selected Force due to its market-leading technology.
Paul Priestley, Counter Fraud Director at 1ST CENTRAL, explained, “Identifying fraud quickly ensures we can protect our honest customers, and as fraud continues to evolve, it’s extremely important that we have the technology to keep one step ahead of fraudsters.”
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Force uses artificial intelligence and advanced data science to identify suspicious actions which may indicate an attempt to defraud insurers. In addition, the technology can also identify the often-hidden links between seemingly unassociated individuals or networks of individuals. This insight into fraud networks, when combined with the insurer’s own data and that from third-party sources, is incredibly useful when applied to the objective of spotting the potential for fraud.
“For insurers like 1ST CENTRAL, which place incredible value on delivering an exemplary customer experience, stopping fraud is of primary importance,” explained Jeremy Jawish, CEO and co–founder, Shift Technology. “Identifying fraud within the claims process, and not passing those costs along to honest policyholders is one way to keep loyal customers. Mitigating the risk upfront, and not writing policies for bad actors to begin with is another.”
