Insurers must mitigate fraud to protect loss ratios and improve the customer experience, but traditional methods are often slow and resource-intensive. Manual reviews create backlogs, and business rules and internal predictive models are costly and limited in impact. Meanwhile, new fraud techniques emerge faster than investigators can spot them. Shift overcomes these challenges with advanced AI and seamless data integration, detecting fraud more accurately and quickly to drive measurable improvements in loss ratios.
Shift's real-time detection works by using advanced detection capabilities to identify and automate alerts for potential fraud, and halt payment until the claim is investigated. For example, this customer was ready to pay a claim for a high dollar vehicle value when real-time detection fired an alert. As a result, the customer was able to investigate prior to payment, and saved them from paying a $91,000 claim. With real-time detection accounting for about 25% of their overall alerts, it has an annual impact of $1.5 million.
Contact us or schedule a demo to learn more about how Shift Claims Fraud solves the key barriers that prevent insurers from detecting fraud more accurately and rapidly, leading to concrete improvements to the loss ratio.