(Image source: Assurant homepage.)
Assurant, Inc. (New York), a global provider of risk management solutions, has selected Shift Technology’s (Paris) claims fraud detection solution FORCE to deploy across all property/casualty lines of business. Assurant’s initial implementation will be for fraud detection, followed by use in subrogation.
Assurant’s interest in Shift’s solution came about through the company’s innovation team’s conclusion that artificial intelligence (AI) was a key technology to adopt, and that an ideal use case for it was in claims and fraud detection.
“We evaluated several options and concluded the FORCE solution best fit our needs,” comments Eduardo Arthur, SVP of growth strategy and innovation, Assurant. “Shift’s robust learning model and ability to detect and adapt to new fraud patterns will help us align to ongoing changes in the market.”
Assurant has begun an implementation initiative it expects to last four months. A joint implementation team includes members of Assurant’s Special Investigation Unit, IT organization and its Innovation teams, combined with professionals from Shift.
“Our goal is to continue to innovate to best serve our customers. We see leveraging AI for fraud detection as the first step in introducing more automation to the claims process, including real-time straight-through processing for non-suspicious claims to fast track payouts,” adds Assurant’s Arthur. “While our initial focus is on fraud detection, we will also be looking to use FORCE to help identify subrogation opportunities and increase our subrogation rate.”
Shift’s U.S. Market Expansion
The Assurant contract follows Shift’s announcement last week that it was expanding into the U.S. market, establishing an office in Boston, appointing Bradley Stoub, U.S. head of sales, and expanding its team in the country to support the FORCE solution.
“The US insurance market is a strategic region for Shift Technology, making Assurant’s decision especially gratifying,” comments Jeremy Jawish, CEO and co-founder, Shift Technology. “We appreciate the confidence in our solution, our reputation, and our people, and we look forward to strong collaboration to ensure we meet and exceed Assurant’s business goals for both fraud detection and subrogation. We are also excited about Assurant’s longer-term goals to maximize the use of AI and data in the claims process for full automation of certain claims in the future.”
Shift Technology Brings Fraud Detection Solution to U.S. Insurance Market