In April 2020 we published our very first Shift Technology Fraud Insights Report. Using our unique view into the global insurance industry we examined several fraud schemes impacting insurers and how technology could be used to effectively thwart them. One year later, recognising that Shift’s insights are relevant to more than just fraud, we revamped the report and relaunched as Shift Technology Insurance Perspectives. In this new iteration of the report we have explored the role Artificial Intelligence (AI) can play in the realms of claims automation, subrogation detection, underwriting risk detection, and of course, fraud detection.
In this edition's benchmark report we examine specific criteria that can help illustrate how AI augments the SIU’s capabilities in fighting fraud and what kind of results can be expected when AI is used to its maximum effectiveness. These key performance indicators (KPIs) are:
• Investigation acceptance rate
• Investigation impact rate
• Incremental fraud stopped per claim
Download the full report to see how these KPIs help to measure the true value of using AI to mitigate fraud.