Insurance claims fraud isn’t new — it’s been around since the inception of our industry in the 17th century. Yet it is an industry challenge that continues to worsen at an alarming rate as fraudsters become more sophisticated and organized.
The insurance fraud landscape is different in every continent, region, and country. Rules, regulations, and behavior of people affect fraud scenarios, and cultural specificities shape the way fraud handlers deal with the issue of fraud. All these factors combined form the national fraud landscape. Encountering different fraud landscapes creates the opportunity to leverage existing knowledge and enrich it with new experiences, which enable the further development of the solution and services. The collaboration with this Latin American branch a global insurance company highlighted the importance of mutual learning, and the educational role companies such as Shift Technology can fulfill. ForceTM was implemented in the automotive line of business, where the execution of the solution was a big success. In addition, the trainings and workshops organized by the Shift Technology team helped the local team to formulate a systematic approach to tackle the issue of insurance fraud in this Latin American country.