Increased Accuracy
Corroborate applicant data with third party information and analyze as a whole using AI to verify risks from underwriting through to renewal.
Underwriting Risk Detection
What happens when a policy applicant misrepresents themselves or details about their policy during the onboarding process? Typically, they face a low chance of detection and enjoy lower rates. Meanwhile, the insurer bears the cost. Shift Underwriting Risk Detection is an AI analysis solution that enables insurers to flag applicants who supply inaccurate or false information, which dramatically reduces the risk of misrepresentation in the short term, and claims later in the life of the policy.
- AI-powered identification of potential fraud and misrepresentation at the point of underwriting
- Aggregate scoring with detailed supporting information to help underwriters make more informed decisions quickly
- Internal & 3rd party data integration enables insurers to evaluate and identify fraudulent entities accurately, even those who attempt to obscure their identities
- Integrates with insurer core systems & underwriting tools
Impact:
Enables underwriters to make better decisions about potential misrepresentation, fraud, and other risks prior to policy issuance
Faster Investigations
Flag fraud and premium leakage risks at the moment of decision, throughout the entire policy lifecycle.
Reduced Cost
Detecting fraud at underwriting reduces the likelihood of paying fraudulent claims, which reinforces the bottom line.
Improved Efficiency
Uncover fraud networks during underwriting, rather than at the time of false claims, and identify agent gaming patterns responsible for premium leakage.
Single point of visibility for risk
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Automated Applicant Summary
Learn all relevant details about the applicant, broker, and property in one place.
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Screen out bad actors
Review alerts that suggest known patterns of fraud.
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Connect the dots
Use the AI’s automated conclusions to unmask bad actors and unforeseen risks.
