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Anyone who follows the InsurTech space knows that Shift Technology started life by applying artificial intelligence (AI) and advanced data science techniques to the challenges of identifying suspicious claims and helping insurers make better decisions about what to do with them when they were discovered. Fast forward to today, and Shift is supporting insurance decisioning across the policy lifecycle and throughout the claims process. This depth and breadth of experience gives us incredible insight into the trends shaping the insurance industry.

In this edition of Shift Insurance Perspectives, we tackle the critical problem of underwriting risk detection. Underwriting professionals are under incredible pressure to meet customer expectations for quick application approvals while at the same time keeping their portfolio as clean and profitable as possible. To do this, they need to know that the applicant is who they say they are. They want confidence that the application itself is legitimate. They need to know that applications do not contain misrepresentations that may lead to premium leakage or other losses at the time of a claim. And they need to know that the applicant hasn’t already tried to scam them before.

None of this is easy. And unfortunately, in times of economic uncertainty, the propensity for fraud increases. Not only are normally honest people more willing to “play with the facts” to land a better premium, but truly sincere applicants may also be tempted by offers that are “too good to be true” in an effort to save a little bit of money each month. And in this financial climate, bad actors have become adept at building out their networks.

In this report, we will explore the underwriting risk trends Shift has observed and provide an analysis of what this may mean for insurers and policyholders alike.