(Image credit: Hans/Pixabay.)
Direct Assurance (Paris), a French provider direct insurance offering auto, motorcycle, home and health insurance, and wholly owned subsidiary of the AXA group, has expanded its agreement with Shift Technology (Paris), a provider of artificial intelligence-based decision automation and optimization solutions for the insurance industry. Initiated in 2018 to fight auto insurance claims fraud using Shift Claims Fraud Detection, the relationship now extends its scope to cover home insurance claims, according to a Shift statement.
Shift notes that property/casualty insurance fraud costs the European economy €14 billion annually, and €2.5 billion in France alone. That being the case, the vendor says, insurers are looking for modern solutions which can more effectively identify and analyze suspicious claims. Shift reports that after five years of successful collaboration analyzing motor claims prompted Direct Assurance to extend the use of the vendor’s solutions to the challenge of mitigating fraud in home insurance claims.
“Fighting against fraud is one of the most effective ways to maintain the competitiveness of our rates and defend the purchasing power of the immense proportion of our bona fide customers,” comments Donatien Levesque, director of claims, Direct Assurance.
Gaining Ground on Fraudsters
“In order to identify suspicious claims, we chose to combine artificial intelligence with the know-how of our experts,” says Nicolas Vilhelmsen, head of claims business intelligence, Direct Assurance. “The enormous amount of information to be processed makes verification and comparison operations extremely difficult. “That’s why we used Shift. Since 2018, this collaboration has allowed us to gain ground on fraudsters in a considerable way. We are very excited to apply this solution to our home claims, which are an increasingly important part of our business.”
“From the beginning, Shift’s goal has been to put technology at the service of insurance players to help them best serve their customers,” comments Jérémy Jawish, CEO and co-founder, Shift Technology. “We are proud to have contributed for several years to Direct Assurance’s strategic initiative to minimize the impact of fraud on its business, and to benefit its legitimate customers.”