The situation
Assurant and Shift Technology have been working together to detect claims fraud since 2018. Assurant, a Fortune 500 company with a storied history dating back to the 1890s, had a smart vision for the future. Their leadership knew that technologies such as AI-powered fraud detection would become invaluable to insurance, and so it began evaluating methods to become an innovator in the industry.
- Looking to innovate: Leverage AI to detect complex and evolving fraud
- Integrate data: Connect internal and external data to detect more fraud
After a trial period where Shift accurately identified dozens of fraud cases, the company made its final determination. “We evaluated several options and concluded that Shift Claims Fraud Detection best fit our needs,” commented an SIU leader at 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 solution
After working together for 4 years, Shift’s powerful fraud detection AI has become integral to the SIU team. As Assurant notes, “Shift does in a matter of minutes what would take days for a team of analysts to complete, and Shift does it with incredible accuracy.” For Assurant, Shift delivered
- AI fraud detection: Optimizing every time it identifies a fraudulent claim to stay ahead of fraud trends
- Clear context: Full details on fraud alerts to accelerate Assurant’s investigations
- Workflow integration: Customized investigation software to match Assurant’s SIU needs
- Dedicated expertise: Team of data science and SIU experts to ensure Assurant achieve their goals
While Shift’s AI delivers accurate fraud detection, fraud detection is only part of a complete approach to SIU innovation. “Shift is very flexible when it comes to allowing us to customize its functionality to fit our company's needs. The staff at Shift is always available …. They also provide meaningful analysis of the data that they present, and they're quick to respond to any changes or adjustments we request.”
The result
Shift has worked closely with Assurant to refine its AI models in a way that fits their business objectives. In particular, Shift helped Assurant deal with evolving fraud schemes involving specialty vehicles, extreme weather, and multi-claim cases.
With the combined benefit of Shift AI and customer dedication, Assurant was able to mitigate significantly more fraud, reflecting the continued value over 4 years. This improvement was driven by an increase to Assurant’s case acceptance rate since 2018, leading to increased mitigation from the SIU. “Shift has allowed us to validate more claims than ever before,” says their SIU leader. “Assurant is a hard target for fraud with the help of Shift, and Shift's innovation and creativity has allowed us to enhance our creative and sustainable stance in the industry.”
"Shift does in a matter of minutes what would take days for a team of analysts to complete, and Shift does it with incredible accuracy."
—SIU Leader
Assurant
