Shift Technology (Paris/Boston), a provider of AI-powered decision automation and optimization solutions for the global insurance industry, has announced that it has finalized a relationship agreement with TransUnion (Chicago), a global information and insights company. As a result, insurers using TransUnion TruLookup attributes and data to support their risk management initiatives can now also have that data used to inform Shift Claims Fraud Detection models via a direct feed.
According to the Coalition Against Insurance Fraud, in the United States alone some element of fraud is present in approximately 10 percent of all property/casualty insurance claims. This represents nearly $310 billion in losses per year. A Shift statement asserts that artificial intelligence has proven effective in helping insurers find hidden fraud in the claims process by uncovering a greater number of suspicious claims, indicating the factors that prompted the claim to be flagged, and highlighting the most efficient means of investigation. However, the Shift statement adds, AI requires significant amounts of data to be at its most effective. Shift reports that it uses both an insurer’s internal claims data as well as data from third-party sources to inform its fraud detection models. For carriers who subscribe to TransUnion’s TruLookup data, Shift is now able to access that data directly without requiring additional integration work.