FWD Singapore Taps Shift Technology to Improve Claims Assessment Capabilities
Pan-Asian Insurer Looking to Accelerate Claims Processing Time, Thereby Improving the Customer Experience
PARIS & BOSTON – September 5, 2019 – Shift Technology, a provider of AI-native solutions for the global insurance industry, today announced it is working with FWD Group, the leading pan-Asian insurer whose vision is to change the way people feel about insurance.
To that end, FWD Singapore (“FWD”) recently became the first health insurer in Southeast Asia to deploy FORCE, Shift’s fraud detection solution that uses artificial intelligence to analyze multiple data sources and thereby improve insurers’ claims assessment capabilities by eliminating possible waste and fraudulent claims.
“At FWD, we’re committed to leveraging digital technology to make insurance simple, reliable and direct for our customers, and our collaboration with Shift Technology is a strong demonstration of our customer-led approach,” said Abhishek Bhatia, FWD’s Singapore CEO. “Working with Shift also gives us greater confidence in applying straight through processing to a larger number of claims, helping to shorten turnaround time for claim payment and ultimately improve the customer experience.”
Shift’s Force uses advanced artificial intelligence (AI) and data science to detect potentially fraudulent claims and apply a dynamically generated fraud score for each claim that indicates how suspicious the claim is, contributing factors, and how the claim could be investigated. By applying this score to the company’s claims, Force helps FWD eliminate the issue of fraud, waste and abuse as it relates to straight through processing, ensuring genuine claimants are paid quickly and accurately.
“One of the biggest challenges to straight through processing is being able to know, with certainty, that a claim is meritorious,” stated Jeremy Jawish, CEO and co-founder, Shift Technology. “Our approach to AI-driven fraud detection gives our partners, such as FWD, the ‘go ahead’ to implement their business strategies with confidence and ultimately deliver a phenomenal customer experience.”
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 named by CB Insights to the 2018 Global AI Top 100. For more information please visit www.shift-technology.com.
FWD Group spans Hong Kong & Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan and Malaysia, offering life and medical insurance, general insurance, employee benefits, Shariah and Family Takaful products across a number of its markets.
FWD is focused on creating fresh customer experiences, with easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD aims to become a leading pan-Asian insurer that changes the way people feel about insurance.
Established in Asia in 2013, FWD started operations in Singapore in 2016 and is the insurance business of investment group, Pacific Century Group.
For more information please visit www.fwd.com.sg