(Brumbach Library, Van Wert, Ohio. Source: CenturyLink.)
Central Insurance, a Van Wert, Ohio-based provider of auto, homes and businesses insurance in 24 states, has selected Shift Technology’s (Paris/Boston) Force fraud detection solution to uncover suspicious behaviors in the insurer’s auto and property claims processes. The insurer will also use the technology to identify more quickly and accurately those property claims appropriate for subrogation recovery.
In business for more than 140 years, Central Insurance has built a reputation for integrity, exceptional customer relationships, and operational excellence. Recognizing that applying analytics and artificial intelligence to the claims process plays a key role in delivering on its promises to customers, Central Insurance turned to Shift Technology and its fraud detection and subrogation solutions, according to a joint statement from the companies.
“The unfortunate truth is that despite the phenomenal efforts of talented claims professionals, suspicious or fraudulent claims can be incredibly hard to detect,” elaborates Jeff Lieberman, Director of Anti-Fraud and Recovery, Central Insurance. “We are addressing this challenge head on by putting in place best-in-class fraud detection strategies supported by Shift Technology.”
At the same time, it can be difficult to identify those claims for which another insurer or third-party is responsible or partially responsible, adds Paul Edwards, VP, Claims, Central Insurance. “By applying the power of artificial intelligence and data science to these problems, we can avoid paying non-meritorious claims, improve identification of all claims with subrogation potential to ensure proper loss payment recovery, and overall keep premiums lower for our policyholders,” Edwards comments.
Force uses artificial intelligence and advanced data science to identify those claims which may be an attempt to defraud insurers. The technology can accurately analyze the claim and spot connections, anomalies and behaviors that mark the claim as suspicious, the vendor asserts. This capability extends to recognizing hidden links between seemingly unassociated individuals or networks of individuals. For subrogation, Force’s detection algorithms and advanced Natural Language Processing (NLP) capabilities are applied to claims and external data that may indicate another insurer or third-party is responsible for some, or all, of the loss dollars paid on the claim.
AI Driving More Informed Decisions
“What we bring to carriers like Central Insurance is artificial intelligence that helps their people make more informed decisions, faster and with greater accuracy,” comments Jérémy Jawish, CEO and co‑founder, Shift Technology. “Knowing whether or not a claim is suspicious, or who may ultimately be responsible for paying a claim is interesting. Knowing why, and how that knowledge can be applied to improve the claims process, is incredibly valuable.”