(Image credit: DEZALB.)
iA Auto and Home Insurance (iAAH; Quebec City), one of the largest insurance groups in Quebec, has selected the Shift Technology to support fraud detection initiatives for the insurer’s property/casualty line of business. The insurer will deploy Force, Shift’s fraud detection solution to uncover suspicious behaviors and potentially fraudulent claims related to policyholder losses, in service of meeting client expectations.
Shift describes Force as applying artificial intelligence and advanced data science to the insurance claims process to identify those claims that may be fraudulent. The ability to quickly and efficiently spot anomalies, outliers, and unexpected connections provides claims professionals with the insight required to understand the true nature of a claim and process it effectively, according to Shift. Claims identified as suspicious by Force are referred for further investigation, with a rationale for why the claim was deemed potentially fraudulent in the first place. Claims that show little or no indication of being fraudulent can be expedited for prompt payment.
Valuable Customer Proposition
“It’s easy to forget that the impact of fraud is felt across the entire claims process. An effective fraud mitigation strategy offers benefits on multiple levels,” comments Jeremy Jawish, CEO and co‑founder, Shift Technology. “Settling policyholder claims as quickly, fairly and accurately as possible, without worrying about the process being marred by fraud, is an incredibly valuable proposition.”