(Image source: FWD Group homepage.)
FWD Group, a Singapore-based pan-Asian insurer with the stated vision of changing the way people feel about insurance, has adopted Shift Technology’s FORCE fraud detection solution. The multiline insurer backed by investment firm Pacific Century Group (Hong Kong) will be the first Southeast Asian company to adopt Shift’s FORCE for health insurance. FORCE uses artificial intelligence (AI) to analyze multiple data sources and thereby improve insurers’ claims assessment capabilities by eliminating possible waste and fraudulent claims.
“At FWD, we’re committed to leveraging digital technology to make insurance simple, reliable and direct for our customers, and our collaboration with Shift Technology is a strong demonstration of our customer-led approach,” comments Abhishek Bhatia, FWD’s Singapore CEO. “Working with Shift also gives us greater confidence in applying straight through processing to a larger number of claims, helping to shorten turnaround time for claim payment and ultimately improve the customer experience.”
Shift describes Force as using advanced AI and data science to detect potentially fraudulent claims and apply a dynamically generated fraud score for each claim that indicates how suspicious a claim is, contributing factors, and how the claim could be investigated. By applying this score to the company’s claims, Force helps FWD eliminate the issue of fraud, waste and abuse as it relates to straight through processing, ensuring genuine claimants are paid quickly and accurately, the vendor says.
Phenomenal Customer Experience
“One of the biggest challenges to straight through processing is being able to know, with certainty, that a claim is meritorious,” comments Jérémy Jawish, CEO and co-founder, Shift Technology. “Our approach to AI-driven fraud detection gives our partners, such as FWD, the ‘go ahead’ to implement their business strategies with confidence and ultimately deliver a phenomenal customer experience.”