UK Motor Insurer Views Fraud Mitigation as Benefiting Honest Policyholders
PARIS and BOSTON – June 10, 2020 – Shift Technology, a provider of AI-native fraud detection and claims automation solutions for the global insurance industry, today announced that 1ST CENTRAL, a leading UK-based motor insurance provider has selected the company to support its fraud detection initiatives. As a result, 1ST CENTRAL will deploy Force, Shift’s fraud detection solution, to uncover and identify suspicious behaviors in both the insurer’s application and claims processes.
1ST CENTRAL’s customer-centric approach to motor insurance combines affordable premiums with a focus on simplifying the overall insurance experience for policyholders. Minimizing the impact of fraud on its business has long been one of the company’s driving principles. Following an exhaustive evaluation of the fraud detection solutions available, 1ST CENTRAL selected Force due to its market-leading technology.
Paul Priestley, Counter Fraud Director at 1ST CENTRAL, explained, “Identifying fraud quickly ensures we can protect our honest customers, and as fraud continues to evolve, it’s extremely important that we have the technology to keep one step ahead of fraudsters.”
Force uses artificial intelligence and advanced data science to identify suspicious actions which may indicate an attempt to defraud insurers. In addition, the technology can also identify the often-hidden links between seemingly unassociated individuals or networks of individuals. This insight into fraud networks, when combined with the insurer’s own data and that from third-party sources, is incredibly useful when applied to the objective of spotting the potential for fraud.
“For insurers like 1ST CENTRAL, which place incredible value on delivering an exemplary customer experience, stopping fraud is of primary importance,” explained Jeremy Jawish, CEO and co founder, Shift Technology. “Identifying fraud within the claims process, and not passing those costs along to honest policyholders is one way to keep loyal customers. Mitigating the risk upfront, and not writing policies for bad actors to begin with is another.”
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 was presented Frost & Sullivan’s 2020 Global Claims Solutions for Insurance Market Leadership Award. For more information please visit www.shift-technology.com.
About 1ST CENTRAL
1ST CENTRAL is a car insurance broker which formed in 2008 and is firmly established as a top 10 supplier in the UK motor aggregator market. It features prominently in the Insurance Times’ Top 50 brokers listing and has received many coveted industry awards for its innovation, products and customer satisfaction, including being named Insurance Provider of the Year by MoneyAge for the third year running in 2019. 1ST CENTRAL has also achieved the prestigious national Servicemark award from the Institute of Customer Service and has over half a million customers.
1ST CENTRAL – the trading name of First Central Insurance Management Ltd – is the car insurance broker within First Central Group, an innovative group of companies delivering market-leading insurance, underwriting, distribution, finance, technology and legal services.
First Central Group employs around 600 employees across multiple locations, including Guernsey, Gibraltar, West Sussex, Manchester, and has contact centre services based in Glasgow.