Shift Technology, a provider of AI-driven decision automation and optimization solutions for the global insurance industry, announced that SAISON Automobile and Fire Insurance Co., Ltd. has gone live on Shift Claims Fraud Detection. One of the solutions comprising the Shift Insurance Suite, Shift Claims Fraud Detection allows the insurer to detect insurance payment claims that may have been made through illicit means. The implementation of a false claims detection in collaboration with an InsurTech startup basic marks a first among Japanese mail-order damage insurance companies.
In recent years, the number of false claims for traffic accident-related insurance reimbursement has increased significantly in Japan. No longer limited to organized criminal networks, the ease of acquiring information online has broadened the scope of making false claims, causing a larger societal problem. Traditionally, such false claims have been determined by specialists at the payment department confirming the details and contents of each case. However, a shortage of specialized personnel and the handing down of specialized knowledge have become problems. In this climate, SAISON Automobile and Fire decided to implement Shift Claims Fraud Detection, which is well-known for its use of digital technology in false claim detection, in order to maintain a fair and just insurance payment stance towards honest customers while mitigating the impact of false claims.
Shift Claims Fraud Detection uses artificial intelligence (AI) to analyze a vast amount of past insurance claims data identify patterns and connections to suspicious claims. In addition, the solution also has the capability to visualize the hidden networks of those involved in the claim, allowing for the effective detection of cases that are suspected to be systemic fraud. By quickly identifying and investigating suspicious claims at an early stage, the carrier can quickly deliver insurance payments to customers who truly need them and maintain appropriateness in its payment operations. Additionally, Shift’s large team of data scientists continually analyze accident data to better understand the evolution of fraud trends. This in turn improves the detection program and allows appropriate countermeasures against future false claims as fraud schemes grow more elaborate and sophisticated.
SAISON Automobile and Fire, through collaboration with Shift Technology, will improve its insurance payment operations to achieve fast, fair, and accurate insurance payments. Additionally, the insurer is developing additional revolutionary services that make use of cutting-edge digital technology to support safe and reassuring lives for it customers, while carrying out the stable operation of the damage insurance system.
About Shift Technology
Shift Technology delivers the only AI-native decision automation and optimization solutions built specifically for the global insurance industry. Addressing several critical processes across the insurance policy lifecycle, the Shift Insurance Suite helps insurers achieve faster, more accurate claims and policy resolutions. Shift has analyzed billions of insurance transactions to date and was presented Frost & Sullivan’s 2020 Global Claims Solutions for Insurance Market Leadership Award. For more information, please visit www.shift-technology.com.