(Image credit: Alexas Fotos.)
Falcon Insurance Company, an Oak Grove, Ill.-based auto insurer has selected Shift Technology’s (Paris/Boston) Force fraud detection solution to more accurately and efficiently uncover suspicious behaviors in the claims processes, according to a vendor statement.
Having built a reputation on the values of simplicity, creativity, integrity, and efficiency, Falcon company adopted the position that the right combination of technology and expertise results in a fast and fair claims experience, according to a joint statement on the insurer’s selection of Force. To address the negative effect of fraud on premium and customer experience, Falcon initiated a search for fraud detection technology that could uncover a wide range of fraud, provide support for evolving fraud models—including those resulting from COVID-19—and could be deployed rapidly and quickly yield a return on investment, according to the statement. After a comprehensive evaluation, the insurer selected Shift, specifically citing its deep insurance industry expertise, focused data science teams, and flexible deployment options.
“Fraudulent insurance claims are not harmless,” comments Joe Mase, chief claims officer, Falcon. “Every policy holder feels their impact and that’s why Falcon has always been focused on rooting out suspicious claims and ensuring they do not get paid. With Shift, we’ve found a company that shares our ideals and offers a powerful tool for fighting fraud in the most effective and efficient way possible.”
AI and Insurance-Focused Data Science
Using artificial intelligence and insurance-focused data science, Shift’s Force fraud detection solution helps insurance companies identify the multiple types of fraud committed by both individuals and networks. The solution delivers further value via the detailed rationale and contextual guidance provided for why a fraud alert was generated and how to best investigate it, according to the statement.
“Claims fraud is a well-known problem in the insurance industry, and for far too long, finding it with consistency and accuracy was a daunting proposition,” comments Jérémy Jawish, CEO and co‑founder, Shift Technology. “Policyholders want to be treated with fairness and integrity. For forward-thinking insurers like Falcon, Shift is making it easier to find and investigate fraud, while at the same time minimizing the false positives that can introduce confusion and delays into the process.”