UK Motor Insurer partners with Shift Technology for cutting-edge AI-driven fraud detection
Paris and Boston, MA and Haywards Heath, United Kingdom /PRNewswire/ - First Central Insurance and Technology Group, a leading provider of insurance services, and Shift Technology, a provider of AI-driven decision automation and optimization solutions for the global insurance industry, today announced that the insurer has gone live on Shift Claims Fraud Detection, one of the solutions comprising the recently introduced Shift Insurance Suite. First Central is now using the technology to better detect hidden fraud in its claims process. First Central also announced it will soon be live on Shift products which more effectively identify potential fraud at the time of application.
The insurer's adoption of cutting-edge technology to reduce the impact of fraud, both in Application and Claims, is part of an overall strategy to deliver exceptional customer experiences to its policyholders. As an insurance company founded on a 'customer first' approach, the ability to maintain affordable premiums and make interactions with the company as simple and frictionless as possible is key to its core values. Using artificial intelligence and advanced data science, in support of the company's fraud-fighting initiatives, addresses both critical areas. For First Central, eliminating as much fraud as possible, from both the application and claims processes, not only helps to keep premiums stable, but also adds significant efficiency to both processes.
Paul Priestley, Counter Fraud Director at First Central, explained, "Fraud can't simply be looked at as a cost of doing business, and it's not a victimless crime. We know the impact that fraud has on honest policyholders and we're putting important initiatives in place to tackle the problem at every opportunity, such as this investment in Shift's innovative technology."
Through its use of the Shift fraud detection solutions, First Central anticipates being able to identify a greater proportion of suspicious claims as well as potentially problematic policies during the application stage. In addition, the insurer believes it can reduce the time from first notice of loss (FNOL) to settlement through accurately identifying those claims which may be fraudulent and fast tracking those that are legitimate.
"We are incredibly proud to be an integral part of First Central's fraud fighting strategy and to be supporting those efforts in both the claims and application processes," stated Jeremy Jawish, CEO and co–founder, Shift Technology. "A strong plan to combat insurance fraud, across the policy lifecycle, offers tremendous benefits to insurer and customer alike."
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.
About First Central
Launched in 2008, First Central Group is a group of companies delivering market-leading insurance, underwriting, distribution, finance, technology and legal services.
First Central Group's motor insurance broker, 1ST CENTRAL (the trading name of First Central Insurance Management Ltd), is firmly established as a top 10 supplier in the UK motor aggregator market and features prominently in the Insurance Times' Top 50 brokers listing. It also receives frequent and coveted industry awards for innovation, products and customer satisfaction. This includes being named Insurance Provider of the Year by MoneyAge for the fourth year running in 2020 and achieving the prestigious Servicemark award from the Institute of Customer Service. 1ST CENTRAL consistently maintains the high standards required to retain the ServiceMark accolade, which is awarded for a three-year term and is subject to annual review.
First Central Group's underwriter, Skyfire Insurance Company Ltd, utilises state-of-the-art data sources and capabilities to assess risk at a granular level in order to provide competitive private motor insurance premiums.
The technological expertise of developers within the group enabled the creation of a bespoke insurance platform, Focus, which is used by 1ST CENTRAL. This has quickly established First Central Group as a highly skilled and innovative software development hub.
First Central Group employs around 800 employees across multiple locations, including Guernsey, Gibraltar, West Sussex, Manchester, and has contact centre services based in Glasgow.