Innovative Auto Insurer Views Effective Fraud Detection as Critical to Achieving Company Mission
Shift Technology, a provider of AI-native fraud detection and claims automation solutions for the global insurance industry, announced the company has been selected to support fraud detection initiatives for Falcon Insurance Company. The Illinois-based auto insurer will deploy Force, Shift’s fraud detection solution to accurately and efficiently uncover suspicious behaviors in the claims processes(Shift Technology).
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Falcon has built a successful business on an ethos of simplicity, creativity, integrity, and efficiency. As such, the company strongly believes that the right combination of technology and expertise results in a fast and fair claims experience, the time when policy holders need insurers the most. Fraud negatively impacts the customer experience through not only higher premiums but also longer time to settlement. Knowing this, Falcon initiated a search for fraud detection technology that would meet their key requirements – ability to uncover a wide range of fraud, support for evolving fraud models – including those resulting from COVID-19 – and fast deployment and rapid return on investment. After a comprehensive evaluation, the insurer selected Shift, specifically citing its deep insurance industry expertise, focused data science teams, and flexible deployment options.
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“Fraudulent insurance claims are not harmless. Every policy holder feels their impact and that’s why Falcon has always been focused on rooting out suspicious claims and ensuring they do not get paid,” explained Joe Mase, chief claims officer, Falcon. “With Shift, we’ve found a company that shares our ideals and offers a powerful tool for fighting fraud in the most effective and efficient way possible.”
For insurance carriers concerned about the impact of fraud, Shift provides claims professionals with the tools required to uncover more fraud with unrivalled accuracy. Using artificial intelligence and insurance-focused data science, the company’s fraud detection solution helps insurance companies identify the multiple types of fraud committed by both individuals and networks. Further value is delivered via the detailed rationale and contextual guidance provided for why a fraud alert was generated and how to best investigate it.
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