Shift Technology, a provider of AI-powered decision optimization solutions for the global insurance industry, introduced the Insurance Data Network (IDN). The network allows members to benefit from industry-wide intelligence made possible through the collaborative multi-carrier exchange of claims and related data. By participating, insurers gain valuable insights and analysis to enhance fraud detection and risk prevention throughout the entire claims lifecycle.
IDN has rapidly gained acceptance within the industry and is now live and operational. Four of the top five U.S. property and casualty (P&C) insurers are contributing members, among many others. The network encompasses a substantial majority of U.S. auto and property claims across all 50 states, and its claims volume is growing quickly. In just the first few months, members have already identified millions of dollars in net new fraud schemes thanks to IDN’s advanced fraud and risk detection capabilities.
IDN offers significant advantages over legacy data-sharing models. First, IDN members retain full ownership and control of their data, ensuring it is never sold back to members or resold to third parties. Compared to traditional systems, IDN also provides a more comprehensive set of claims data and related intelligence in real-time, offering deeper context for fraud detection and risk assessment. Finally, Shift’s AI-powered products are inherently designed to leverage diverse data sources. Intelligence from IDN enhances the performance of the Shift products customers already use.
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