(Image source: Elephant Insurance.)
Recognizing that insurance fraud can impact all policyholders through higher premiums and a lengthier claims process, Elephant sought to strengthen its fraud detection capabilities, according to a Shift statement. After evaluation of the technology available, Elephant selected the Shift Claims Fraud Detection solution. According to Elephant, Shift was selected because its artificial intelligence and data science expertise helps improve the detection of fraud earlier in the claims process to avoid issuing payments on fraudulent claims and provides agents with important tools for investigations.
“Insurance fraud is a cost we all bear,” comments Rhys Pearce, Head of Claims, Elephant Insurance. “Naturally, we want to do our best to reduce fraud, making it possible to offer our customers the lowest price possible. With Shift, we have found an industry-proven technology that gives us an efficient, effective means of uncovering hidden fraud to the benefit of all our policyholders.”
Experience of Sister Companies
In addition to its own evaluation of the Shift solution, Elephant was impressed with the technology’s performance at two of the insurer’s sister companies in Europe, L’olivier (Paris) and Admiral Seguros (Seville). The sister companies’ experience showed that Shift’s data scientists can effectively use historical claims data to build models unique to Elephant which will aid its agents in flagging potential fraud even earlier in their review process, according to Shift. The vendor says these capabilities represent important cost efficiencies that Elephant can pass on to customers in the form of lower rates.
“It is incredibly gratifying to work with insurers like Elephant who understand that the ability to spot potential fraud, as early as possible, has an incredibly beneficial impact on the claims process overall,” explains Jérémy Jawish, CEO and co‑founder, Shift Technology. “Effective fraud detection is a very powerful tool in support of delivering phenomenal customer experiences.”