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Company looks to leverage Shift’s AI technology to better mitigate fraud and subrogation losses as first steps towards claims automation
Shift announced today Assurant, Inc. (NYSE: AIZ), a premier global provider of risk management solutions, has selected Shift’s claims fraud detection solution FORCE.
Assurant’s internal innovation team knew the exploration of artificial intelligence (AI) was going to be key, and that an ideal use case for the technology was in claims and fraud. As part of its ongoing effort to stay at the forefront of fraud mitigation, Assurant selected Shift’s FORCE for implementation with the goal of applying the fraud detection solution across all Assurant P&C lines of business.
“We evaluated several options and concluded the FORCE solution best fit our needs,” commented Eduardo Arthur, senior vice president of growth strategy and innovation with Assurant. “Shift’s robust learning model and ability to detect and adapt to new fraud patterns will help us align to ongoing changes in the market.”
The implementation project is already underway with a four-month plan to setup FORCE for Assurant’s specific needs, with an anticipated easy transition to production use. The joint implementation team includes Assurant talent from the Special Investigation Unit, IT and the Innovation teams, combined with the experience and expertise of the Shift team.
Assurant’s Arthur, added, “Our goal is to continue to innovate to best serve our customers. We see leveraging AI for fraud detection as the first step in introducing more automation to the claims process, including real-time straight through processing for non-suspicious claims to fast track payouts. While our initial focus is on fraud detection, we will also be looking to use FORCE to help identify subrogation opportunities and increase our subrogation rate.”
“The US insurance market is a strategic region for Shift Technology, making Assurant’s decision especially gratifying. We appreciate the confidence in our solution, our reputation, and our people, and we look forward to strong collaboration to ensure we meet and exceed Assurant’s business goals for both fraud detection and subrogation,” commented Jeremy Jawish, CEO and co-founder of Shift Technology. “We are also excited about Assurant’s longer term goals to maximize the use of AI and data in the claims process for full automation of certain claims in the future.”
Assurant, Inc. (NYSE: AIZ) is a global provider of risk management solutions, protecting where consumers live and the goods they buy. A Fortune 500 company, Assurant focuses on the housing and lifestyle markets, and is among the market leaders in mobile device protection and related services; extended service contracts; vehicle protection; pre-funded funeral insurance; renters insurance; lender-placed homeowners insurance; and mortgage valuation and field services. Assurant has a market presence in 21 countries, while its Assurant Foundation works to support and improve communities.
About Shift Technology
Shift Technology is a software solution provider with a focus on enabling insurance organizations to successfully tackle the ongoing and growing claims fraud challenge. Leveraging its expertise in artificial intelligence and insurance, Shift introduced its fraud detection solution FORCE™ in 2014 and has successfully engaged more than 50 insurers globally. To date, Shift has raised over $40 million in capital investment and was named by CB Insights as one of the Global AI Top 100 in both 2017 and 2018.