Canadian P&C insurance company Economical Insurance is deploying insurance fraud detection technology developed by US-based insurtech Shift Technology.
According to a release, Economical Insurance has selected Shift Fraud Detection – one of the solutions comprising the Shift Insurance Suite – to assess and identify suspicious claims in its personal and commercial auto, as well as its property lines of businesses.
The Shift Fraud Detection solution is automated thanks to its use of AI. In order to quickly highlight suspicious claims, the solution takes in information and third-party data such as publicly available social media and other web content, advanced document and photo analysis, as well as medical provider data for claims involving bodily injury.
"The process of identifying, reviewing, and investigating suspicious claims was simply taking too long," said Economical Insurance senior vice president of claims Hans Reidl. "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."
"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," added Shift Technology head of customer success Dan Donovan.
Donovan prefaced that thanks to Shift Fraud Detection, Economical can retire the highly manual traditional process of fraud detection. The insurer can then focus on quickly determining the nature of its claims and settling them with confidence, leading to a “more exceptional customer experience,” he explained.
