A property claim uncovers fraudulent activity as a claimant attempted to secure hundreds of thousands of dollars for allegedly stolen items. Dive into the story behind this discovery, ultimately saving our customer over $400,000 through proactive fraud detection measures.
This video is part of a series of interesting cases, featuring several of our insurance-focused data scientists.
In this case, an insurer received a property claim for hundreds of thousands of dollars in stolen materials. Shift's AI was able to quickly identify multiple indicators typically common in suspicious claims, and alert the insurer. For example, the policy was only a few months old, and the items they were claiming were very expensive. Additionally, in the free text for this claim, the claimant hadn't honestly answered the questions they were asked. These, among other indicators, triggered an alert to the insurance company for a deeper investigation. This revealed information that led to a denial of the claim, saving the insurer over $400,000.