(Parque da Independência, São Paolo. Photo credit: Karlos kl25031.)
Mitsui Sumitomo Seguros (São Paolo), a member of MS&AD Insurance Group (Tokyo), has entered into a long-term agreement with Shift Technology, a Paris-based provider of AI-native solutions for insurers, to adopt the vendor’s FORCE solution to automate and improve the accuracy of the carrier’s fraud detection capabilities.
Giuliano Borro, IT & operations director, Mitsui Sumitomo Seguros.
Comprehensive IT Restructuring Project
The new relationship with Shift Technology fits within a comprehensive IT restructuring project that Mitsui Sumitomo Seguros is undertaking to make its business processes, including claims handling, more efficient and cost‑effective. The selection of FORCE is a key element of the insurer’s digital transformation and modernization strategy and will make it easier for claims and fraud handlers to identify and act upon suspicious claims, according to a Shift statement.
“The insurance industry globally, and especially in Brazil, is highly regulated, which makes IT projects like ours extremely complex,” comments Giuliano Borro, IT & operations director, Mitsui Sumitomo Seguros. “Working with a partner like Shift, who will not only deploy the technology we need to support our business, but also meet the global and local regulations that govern our industry, is greatly beneficial.”
Jeremy Jawish, CEO, Shift Technology.
Through the engagement with Shift, Mitsui Sumitomo Seguros will have access to both FORCE’s core capabilities and a key new feature offered by the vendor. Shift reports that it has developed the ability to use captured customer conversations from Mitsui Sumitomo Seguros’ call centers, which have been converted from speech to text, and make that data available for use in the FORCE fraud models. This capability will not only significantly increase the amount of data available to be utilized within existing fraud models, but also will allow the Shift data science team to formulate new text-based variables and leverage those in the creation of fraud detection scenarios specific to Mitsui Sumitomo Seguros’ business, according to the vendor. The ability to use words directly captured from the customer while interacting with a call center representative eliminates the ambiguity that may result from relying on notes provided by the claims handler, the vendor notes.
Constantly Revisiting ‘The art of the Possible’
“When you’re talking about AI, it’s always better to have as much data at your disposal as possible, and that’s what the new speech to text transcripts feature in FORCE is all about,” comments Jeremy Jawish, CEO and co‑founder, Shift Technology. “We are consistently revisiting ‘the art of the possible’ when it comes to how AI can be used to improve our clients’ business and best meet the constantly changing needs of forward-thinking insurers like Mitsui Sumitomo Seguros.”
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