PARIS and BOSTON – January 6, 2021 – Shift Technology, a provider of AI-native fraud detection and claims automation solutions for the global insurance industry, today announced that Génération, a brokerage firm specializing in managing health and company pension plans, has selected Shift Technology to help health insurers control their expenditures and fight against fraud.
Healthcare risk carriers are experiencing a significant increase in payouts which in turn is driving up costs for corporate group insurance clients. In response, Génération established a centralized fraud detection unit, developed tools, and trained specialist administrators to more effectively identify and manage Fraud, Waste, and Abuse (FWA). Understanding that insurance fraud and fraudulent operating methods are constantly evolving, Génération sought to expand its data analysis capabilities to more efficiently spot suspicious behavior and turned to Shift Technology and the company’s Shift Claims Fraud Detection. Key to the decision was the Shift team’s knowledge, expertise, and engagement, and the overall effectiveness of the solution. The technology deployment is being supported by and reinforced its fraud detection unit, which is charged with validating suspicions of fraud and broadening of fraud scenarios.
“The rules of health insurance change very rapidly and give rise to new patterns of fraud or abuse. As an intermediary with a strong added value on the insurance market, Génération needed to extend its existing tools with a more agile solution, capable of handling this evolution,” explained Gilles Le Vavasseur, Operations Director at Génération. “We are working on simplifying the use of our services and interactions with all of our customers, with a specific focus on digital transformation. Shift Technology delivers an innovative solution based on artificial intelligence, fully in line with our approach.”
Génération works with all types of risk carriers in the market including insurers, mutual insurance companies, and pension schemes. The initial project will support three of the company’s risk carrier clients representing more than 530,000 insured parties.
“Organizations like Génération know that Fraud, Waste, and Abuse impacts not only the business but also consumers,” stated Jeremy Jawish, CEO and co-founder, Shift Technology. “They also understand that effective management of insurance fraud is a powerful way to help control expenditure without affecting policyholders’ contributions.”
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 billions of claims to date and was presented Frost & Sullivan’s 2020 Global Claims Solutions for Insurance Market Leadership Award. For more information please visit www.shift-technology.com.
Created in December 1996 with the aim of becoming a leader on the personal insurance market, Génération – a subsidiary of the Adélaïde group - is a brokerage firm specializing in the management of Health and Corporate Pension Plan contracts. It works for all of the personal insurance market: insurance companies, pension schemes, mutual insurance companies, brokers, consulting actuaries. https://generation.fr/.