Specialized Data Gives New Insights into Potentially Fraudulent BehaviorsBOSTON and PARIS, April 6, 2022 – Shift Technology, a provider of AI-driven decision automation and optimization solutions for the global insurance industry, and Legentic, a provider of real-time and historic data used for fraud detection, today announced the two companies have entered a technology partnership. Through seamless integration between the two companies’ solutions insurers who are using Shift Claims Fraud Detection to mitigate the risk of fraud will have access to specialized data from Mohawk to fuel their models.
Using artificial intelligence (AI) to uncover potential fraud in the claims process is fast and efficient and typically presents claims professionals with fewer false positives. It is also well known that AI is most effective when tapping into vast amounts of high-quality data. The partnership between Legentic and Shift addresses this reality by making a new source of third-party data available for use in advanced fraud detection models.
“The power of AI to not only see what’s hidden in the data but also help make sense of it is incredibly compelling,” said Philip Van Waning, partner and channel manager, Legentic. “By providing the data available in our Mohawk solution to Shift’s fraud detection technology we are giving claims professionals and investigators a powerful way to spot more potential fraud, with incredible accuracy, to the benefit of both insurers and policyholders.”
Mohawk’s data gives Shift users access to no longer publicly accessible data by turning historical unstructured data from multiple sources into actionable insights. Mohawk also helps to reduce claim processing time by limiting false positives. Shift Claims Fraud Detection is a best-in-class, AI fraud-fighting solution which can detect possible claims fraud in real-time or in scheduled workflows and typically delivers 3X the detection hit rate compared to manual or rules-based implementations. The solution also delivers transparent findings to users with detailed rationale for all its conclusions, allowing investigators to make fraud decisions with speed, accuracy and confidence. Having Legentic’s Mohawk data for use in Shift’s models provides another compelling way to determine if a claim is suspicious and why.
“In the realm of AI, data is king. Having access to the best mix of data means you can trust the results and be confident that you are making the best decision about what to do with a suspicious claim,” explained Drew Whitmore, Global Head of Partnerships, Shift Technology. “What Legentic is doing with data, especially in the area of social media selling, offers an exciting new way to help determine if a claim is suspicious or legitimate.”
Legentic offers a genuinely unique and innovative solution focused on validation, recovery of assets, and the exposure of fraud. We collect big data from multiple sources all over the world, enriched through AI and machine learning, and converting it into easily accessible, understandable – and actionable information. For more information visit: www.legentic.com
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.
Philip Van Waning
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