Shift Technology, a provider of AI-native fraud detection and claims automation solutions for the global insurance industry, today announced Elephant Insurance selected the company to help improve fraud detection in the P&C insurer’s claims process.
Read More:Â PPS Goes Green with Exceet to Power Sustainable Cards for the Fintech Industry
Well known for its customer-centric approach to insurance, Elephant is focused on ensuring consumers have access to the best products and services available, at the right cost, to deliver the protection they need. Recognizing that insurance fraud can impact all policyholders through higher premiums and a lengthier claims process, Elephant sought to strengthen its fraud detection capabilities. After careful evaluation of the technology available, Elephant selected the Shift Claims Fraud Detection solution. According to Elephant, Shift was selected because its artificial intelligence and data science expertise helps improve the detection of fraud earlier in the claims process to avoid issuing payments on fraudulent claims and provides agents with important tools for investigations.
“Insurance fraud is a cost we all bear. Naturally, we want to do our best to reduce fraud, making it possible to offer our customers the lowest price possible,” explained Rhys Pearce, Head of Claims at Elephant Insurance. “With Shift, we have found an industry-proven technology that gives us an efficient, effective means of uncovering hidden fraud to the benefit of all our policyholders.”
Read More:Â GlobalFintechSeries Interview with Gordon McHarg, Managing Director at AutoRek
In addition to its own evaluation of the Shift solution, Elephant was impressed with the technology’s performance at two of the insurer’s sister companies in Europe, L’olivier and Admiral Spanish Operation. It was shown that Shift’s data scientists can effectively use historical claims data to build models unique to Elephant which will aid its agents in flagging potential fraud even earlier in their review process. These capabilities represent important cost efficiencies that Elephant can pass on to customers in the form of lower rates.
“It is incredibly gratifying to work with insurers like Elephant who understand that the ability to spot potential fraud, as early as possible, has an incredibly beneficial impact on the claims process overall,” explained Jeremy Jawish, CEO and co–founder, Shift Technology. “Effective fraud detection is a very powerful tool in support of delivering phenomenal customer experiences.”
Read More:Â 5 Fintech Trends From 2020!
