Leading UK Insurance Services Company Adopts Three Shift Solutions to Address Claims Fraud, Underwriting Fraud and Financial Crime
BOSTON & PARIS, February 28, 2023 – Shift Technology, a provider of AI-driven decision automation and optimization solutions for the global insurance industry, today announced Markerstudy Insurance Services Limited will deploy Shift Claims Fraud Detection, Shift Underwriting Risk Detection, and Shift Financial Crime Detection to support the organization’s strategic anti-fraud and anti-money laundering (AML) initiatives. As a result, the MGA will be able to better spot suspicious policies, identify potentially illegitimate claims in real time, and better understand when a policy may be being used to commit a crime.
Markerstudy’s ambition is to develop a truly customer-centric approach to insurance and is committed to treating all customers fairly and providing the best policyholder experience possible all while meeting FCA regulatory guidelines. This is reflected in its Customer Charter, a critical tenet of which is “Strive to protect our genuine customers, our Broker partners and our business from fraudulent activity.” Also known for fostering a culture of innovation, Markerstudy believed artificial intelligence (AI) should be the foundation of its anti-fraud and AML activities.
“Fighting insurance fraud and other insurance-related financial crime is not only good for our business, it is also good for our customers. We strongly believe we can best achieve our goals in this area by applying the right technology solutions to the challenge,” said Gary Hueting, Chief Operating Officer, Markerstudy Insurance Services ltd. “Our ability to better spot suspicious claims and policy activity, to better understand who is seeking a policy and why, and do so quickly and efficiently, ensures that our genuine customers are not inconvenienced by the activities of a few bad actors.”
Shift’s fraud and financial crime solutions deliver significant value to insurers in a variety of ways. With AI at their core, the technology can not only spot suspicious claims and policy applications/applicants, as well as possible financial criminal crime activity with a high degree of accuracy, but also provide actionable insight into what triggered the alert and how to operationalize it to actions. This unique combination leads to faster investigations, reduced cost and increased operational efficiency.
“Although historically focused on claims, the threat of fraudulent behaviour stretches across both the policy and claims lifecycle. Insurers that apply a holistic approach to fraud mitigation will benefit by finding and addressing fraud as early as possible in their processes,” explained Jeremy Jawish, CEO and co-founder, Shift Technology. “Innovative businesses like Markerstudy thoroughly understand this approach and we are proud to work alongside them in this important endeavour.”
About Shift Technology
Shift Technology delivers AI decisioning solutions to benefit the global insurance industry and its customers. Our products enable insurers to automate and optimize decisions from underwriting to claims, resulting in superior customer experiences, increased operational efficiency, and reduced costs. The future of insurance starts with Decisions Made Better. Learn more at www.shift-technology.com.