(Tokyo Sumitomo Twin Building. Photo credit: 663highland.)
MS & AD Insurance Group’s (Tokyo) has selected the FORCE Fraud Detection solution from Shift Technology, a Paris-based a provider of claims fraud detection and other claims related applications. MS & AD’s operating companies Mitsui Sumitomo Insurance Co., Ltd. and Aioi Nissay Dowa Insurance Co., Ltd., will implement FORCE to improve existing capabilities to detect fraudulent property/casualty claims for domestic business. FORCE is designed to efficiently and effectively detect fraudulent insurance claims using advanced technologies, including artificial intelligence (AI), according to the vendor.
Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance anticipate that FORCE will significantly improve their insurance fraud detection capabilities and make them the insurers of choice by clients looking for fair and speedy settlements of insurance claims, Shift Technology reports.
Technical advantages and other benefits the companies expect from the implementation of FORCE include the following, as described by the vendor:
- Analysis of claims-related “big data” with FORCE’s use of AI and its scoring model to best evaluate for potentially fraudulent claims.
- Enable SIU to efficiently manage investigation work.
- Reduce time to claims resolution for valid claims.
FORCE’s network analysis will also assist SIU handlers in tackling organized fraud through detailed analysis of individuals and entities involved in insurance claims, Shift reports. NEC Corporation (Tokyo) will support the FORCE implementation as the system integrator, with MS & AD Systems overseeing the implementation project.
Upward Trend in Fraud
Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance have observed an upward trend of insurance fraud in Europe and Asia, as well as determining that fraudulent insurance claims have been more organized and sophisticated in Japan, according to Shift. The companies anticipate significant business enhancements leveraging the combination of FORCE’s AI and big data which together make the solution the best in the industry, in the their view, according to a Shift statement.
“We decided to adopt and integrate Shift Technology’s FORCE into our system because the solution supports our objective to exponentially improving the accuracy of fraud detection,” comments Tetsuro Inoue, associate director, non-marine claims department, Mitsui Sumitomo.