Overview

Shift Underwriting Risk Detection is an AI-powered solution designed to help insurance companies identify and prevent fraud and risk during the underwriting process. It leverages advanced artificial intelligence and machine learning techniques to analyze vast amounts of data, uncover hidden patterns, and detect anomalies that indicate potential fraudulent activities or high-risk policies. The software addresses critical challenges faced by insurers, such as:

• Ghost Broking: Identifies and stops ghost broking networks, where unauthorized brokers sell fake or manipulated policies.
• Premium Leakage: Detects inaccuracies and inconsistencies in policy applications that lead to revenue loss.
• Policy Hijacking: Prevents unauthorized changes to existing policies.
• Fraud Networks: Uncovers connections between seemingly unrelated individuals or entities engaged in fraudulent activities.
• Agent Gaming: Identifies instances where agents might be manipulating the system for personal gain or to achieve targets.

Key Features

• Entity Resolution: Resolves disparate data points to identify individuals and entities accurately.
• Network Detection: Uncovers hidden relationships and connections between individuals and entities to detect fraud networks.
• AI-Powered Analytics: Uses machine learning algorithms to analyze policy applications, identify suspicious patterns, and flag high-risk policies.
• Continuous Learning: The AI models continuously learn and adapt to new fraud schemes and risk patterns, ensuring ongoing protection.
• Alerting and Reporting: Provides timely alerts and detailed reports on suspicious activities, enabling underwriters to take immediate action.
• Customizable Risk Scoring: Allows insurers to customize risk scores based on their specific risk appetite and business requirements.
• Seamless Integration: Integrates with existing underwriting systems and workflows for streamlined operations.

Benefits

• Reduced Fraud Losses: By proactively identifying and preventing fraud, insurers can significantly reduce financial losses.
• Improved Underwriting Efficiency: Automates the fraud detection process, freeing up underwriters to focus on more complex tasks.
• Enhanced Risk Management: Provides a comprehensive view of risk across the entire underwriting portfolio.
• Faster Policy Processing: Streamlines the underwriting process, enabling faster policy issuance.
• Enhanced Customer Experience: By preventing fraud, insurers can protect legitimate customers and ensure a fair and transparent experience.
• Increased Profitability: By reducing fraud losses and improving underwriting efficiency, insurers can increase profitability.
• Grow with Confidence: Allows insurers to underwrite more policies with greater certainty.