Shift Technology: Benefits of Big Data to easily detect insurance fraud
The whole insurance market has just started its transformation and is waiting to be disrupted: insurers could save up to 21% of their combined ratio thanks to new technologies. Many insurers are considered to pay more to fraudsters than in income taxes: detected and undetected fraud is estimated to represent up to 10% of all claims expenditure in Europe. Companies like Shift Technology are fighting this phenomenon by providing innovation and technology to a process that is still very manual. Shift Technology’s adoption rate by insurers is impressive: in the past 6 months, they have already analysed more than 30 million claims in P&C and 100 million claims in healthcare – the positive return on investment in their SaaS solution witnessed from the 4th month of use might be one of the reasons.
Scaling Fraud detection
Shift Technology solution helps insurers improve and scale fraud detection by providing both quantitative and qualitative claim reviews. This SaaS system fits perfectly in the clients’ fraud management process while its efficient machine-learning algorithms are tailored to reproduce fraud handlers’ deductive reasoning. These methods enable the detection of a wide spectrum of fraudulent behaviours, from minor opportunistic fraud to organized crime. Thanks to this method, investigations are quicker and easier than ever. Simultaneously, this highly secured SaaS model ensures a crucial requirement when you fight a phenomenon as changing as fraud: agility and reactivity.
Ease of use and efficiency
Shift Technology’s interactions with its clients are designed to be as simple as possible: its general policy is to anticipate and to fit its clients’ requirements and constraints. This tool only relies on a simple extraction of the insurer’s data to detect suspicious claims. They are then displayed on a web interface along with a score, an explanation and suspicion indicators. Claims visualization is clear, concise and relevant whether its users are looking at individual alerts or suspicious networks. Users can focus on the most suspicious cases, save time and avoid false positive cases which are dramatic for insurers. Shift Technology works with P&C as well as healthcare insurers. Although they started implementing their solution a year ago, in the past 6 months, their tool has already analysed more than 100M claims in healthcare and 30M claims in P&C. And although their services do not require any commitment, no client has stopped using it yet.
Why we selected Shift Technology for DIA Barcelona
Shift Technology has caught our attention for several reasons. First they have succeeded in bringing innovation and new technologies to operational teams. They are addressing the needs of fraud management professionals as their first priority. Their SaaS system ensures they have limited impact on their clients’ IT costs and infrastructure and their solution is proved to be cost effective after only 3 months of use. That is why they already have clients all over the world.
Who is Shift Technology
This start-up was founded in 2013. They took the most of all their former experiences in insurance, banking and research to develop a revolutionary tool designed for fraud handlers. 2 years only after being imagined, the solution was already being used by insurance companies to bring support to their fraud detection team. But this would not have been possible without the team they have gathered in this adventure. More than 30 people are now ensuring that Shift Technology keeps on moving fast and providing the best possible services. Tailored for a wide range of insurance sectors, Shift Technology takes fraud detection to the next level by bringing together the best of insurance fraud expertise and big data analysis.
Presenting at DIA Barcelona Jeremy Jawish, CEO Pauline Jubin, Executive VP
Contact info Business Development/Sales: Adrien Terrier, Client Executive, [email protected]
Press/Media: Pauline Jubin, Executive VP, [email protected]@technology.com