(Image credit: Guy Dugas.)
Shift Technology (Paris/Boston), a provider of AI-driven decision automation and optimization solutions for the global insurance industry, has announced its collaboration with CRIF Decision Solutions Ltd. (London), a provider of information services, fraud prevention and digital solutions. As a result of the collaboration, CRIF’s Sherlock solution will be made available to MIB CUE (Claims and Underwriting Exchange database) members via Shift’s Fraud Detection and Prevention solution.
CRIF’s Sherlock is designed to deliver counter-fraud intelligence to investigation teams. Sherlock cross-searches millions of aggregated records in real time, creates an immediate profile of customers and highlights the potential risk involved helping maximize time and resources, according to a Shift statement. By consolidating several data sources, Sherlock already supports approximately 100 UK insurers in streamlining their investigation processes, delivering operational efficiencies, and reducing the time to collect and integrate key information, the statement says. This fraud intelligence data from Sherlock is now available to MIB CUE members via Shift to strengthen claims fraud detection analysis, increasing overall accuracy and uncovering organized fraud networks.
“CRIF has always been about making the best data available, at the right time, to drive desired outcomes. Fighting and mitigating insurance fraud is still an industry priority,” comments Sara Costantini, Managing Director, CRIF Decision Solutions. “Opportunistic and organized fraud evolve, and this trend is likely to continue and potentially grow due to financial stress and increased living costs.”
It is important that claims are not only validated quickly, but also properly to ensure that the premium pool is not depleted by fraudulent activities, Costantini adds. “We believe we can give fraud investigation a whole new kind of power given the huge industry costs involved and the high concern for insurance companies,” she says
Shift’s fraud detection solutions help insurance companies not only identify the multiple types of fraud committed by both individuals and networks but also provide detailed rationale and contextual guidance pertaining to why a fraud alert was generated and how to best investigate it, asserts Jérémy Jawish, CEO and co‑founder, Shift Technology. “By working with CRIF, we can further improve our models and scenarios to more effectively support our clients in optimizing fraud investigation and grow their profitability,” he says.