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Addresses Key Fraud Trends Impacting the Global Insurance Industry
PARIS and BOSTON – April 16, 2020 – Shift Technology, a provider of AI-native fraud detection and claims automation solutions for the global insurance industry, today published the inaugural edition of Fraud Insights. The new report provides analysis and understanding of the fraud trends affecting insurance carriers around the world.
The value Shift offers — using artificial intelligence (AI) and advanced data science to spot suspicious behavior in the insurance claims process — puts the company in a unique position to identify the global fraud trends at play across the insurance industry. The initial Fraud Insights report (Vol.1: April 2020) explores four separate fraud schemes executed by body shop and garage owners. These plots are often viewed by the perpetrator as an easy way to make additional – albeit illegal – profit. What makes provider fraud interesting is that it is incredibly hard to detect. To do so, investigators must have access to the “big picture” of how individual claims may be connected.
“As we mention in the report, insurance fraud is always evolving. For insurers to stay ahead, they must understand the latest fraud trends impacting their business, and how to most effectively spot and mitigate them,” explained Jeremy Jawish, CEO and co-founder, Shift Technology. “Our new Fraud Insights report helps provide the information insurers need to tackle fraud as effectively as possible.”
About Shift Technology
Shift Technology delivers the only AI-native fraud detection and claims automation solutions built specifically for the global insurance industry. Our SaaS solutions identify individual and network fraud with double the accuracy of competing offerings, and provide contextual guidance to help insurers achieve faster, more accurate claim resolutions. Shift has analyzed hundreds of millions of claims to date and is the Frost & Sullivan 2020 Best Practices Award Winner for Global Claims Solutions for the Insurance Market. For more information please visit www.shift-technology.com.