AI-Powered Claims Fraud Detection for P&C Insurers. The first AI platform focused specifically on the needs of Insurers, enabling them to stop claims fraud and make fast, fair, and accurate decisions.
Vendor
Shift Technology
Company Website
Overview
Shift Claims Fraud Detection helps insurers combat the ever-increasing problem of claims fraud, which costs the U.S. P&C industry nearly $90 billion annually. From individual opportunistic fraud to sophisticated organized networks, insurers face a complex array of threats. This AI-driven solution enables insurers to effectively identify fraud and increase the efficiency of investigations, leading to improved loss ratios and significant cost savings. Shift's technology is trusted by leading global insurers, identifying over $5 billion in claim fraud in 2021 alone.
Features
- AI-Powered Fraud Detection: Utilizes advanced artificial intelligence to identify suspicious claims and patterns indicative of fraud.
- Investigation Efficiency: Empowers investigators with actionable insights and tools to streamline the investigation process.
- Comprehensive Fraud Coverage: Addresses a wide range of fraud schemes, from individual claims to organized networks.
- Generative AI Insights: Leverages generative AI to gain deeper insights into potential fraud risks and patterns, helping to identify and prevent fraud more effectively.
Benefits
- Improved loss ratios
- Increased fraud detection rates
- Reduced investigation time
- Significant cost savings