The widespread and costly problem of fraud, coupled with insurance companies’ desire to meet the high-quality of service demanded by their customers, puts the industry at an inflection point. Insurers need to adopt effective fraud detection and provide high customer satisfaction.
What is the answer to this dilemma? Can a carrier satisfy its customers' need for a quick payout and good customer service without sacrificing proper fraud detection capabilities - not to mention a company’s hard-earned revenue?
According to Andrew Schwartz, a property and casualty insurance analyst at Celent - such a solution already exists. “With AI, it’s easier than ever to strike a balance between having a strong customer experience, but one that’s not at the expense of reasonable fraud detection measures.”
In this whitepaper, we will take a closer look at two use cases from Shift Technology that demonstrate the promise of AI in the insurance space: detecting network fraud and integrating external data sources into fraud detection workflows.
Throughout, we will show that leaders who think enhanced fraud detection and good customer service are trade-offs are mistaken. In fact, by automating fraud detection processes, a carrier may free up resources — monetary and others — which leaders can then re-allocate to other high-need areas of the business.