Shift Technology, a provider of AI-native fraud detection and claims automation solutions for the global insurance industry announced its fraud detection technology has been selected by digital native neo-insurance company Luko.
Since its launch in May 2018, Luko has been forging a new path in the world of homeowners insurance. This pioneering new insurance company employs patented technology which predicts which claims may be filed (water damage, fire, etc.) and convinces policyholders to adopt best practices in terms of prevention. In cases where claims cannot be avoided, Luko relies on technology to shorten the claims process and provide its customers with an exemplary customer experience.
Ensuring that claims are legitimate is a critical component of ensuring a fast, efficient, and accurate claims process. However, Luko’s market success and rapid growth exposed that the existing procedures used to detect potential fraudulent claims simply could not keep up. As a result, Luko turned to Shift Technology and its award-winning AI-based insurance fraud detection solution.
“The insurance sector is the target of numerous attempts at fraud, whether opportunistic or resulting from organized crime networks,” explained Raphaël Vullierme, co-founder of Luko. “It was therefore essential that we continue to reinforce our processes and technologies in terms of fraud detection, so as to quickly identify potentially illegitimate claims.”
In addition to the fraud detection technology offered by Shift, Luko is supported by the deep insurance industry experience and experience of its data science teams. This strong combination of people and technology help to ensure Luko is always staying abreast of the latest fraud trends and schemes.
“We have always considered the fight against fraud to be a critical topic for insurers,” stated Jeremy Jawish, CEO and co-founder, Shift Technology. “Not only does effective fraud fighting reduce undeserved indemnity pay-outs and dismantle fraud networks, but also supports the digital transformation of the customer journey.”