Real-Time Delivery of Fraud Alerts Benefits Claims Professionals and Policyholders Alike
Boston, MA And Paris /PRNewswire/ - Shift Technology, a provider of AI-driven decision automation and optimization solutions for the global insurance industry, and Duck Creek Technologies (Nasdaq: DCT), a leading global technology solutions provider to the property and casualty (P&C) insurance industry, today announced the two companies have entered a solution partnership to bring AI-enabled fraud detection capabilities to market in 2022. Once fully integrated, insurers taking advantage of Duck Creek Claims will have real-time fraud alerts delivered directly to the claims management software environment.
Delivering an exceptional claims experience is at the forefront of carriers' strategic initiatives. The ability to settle policyholders' claims as quickly, fairly, and accurately as possible is a key element in exceeding customer expectations. Insurance fraud, and the requirement to ensure that only legitimate claims are being paid, can often inject unnecessary friction, slowing down the process. Giving insurance professionals real-time access to insights about the claims they are handling, and whether those claims should be processed immediately or referred for further investigation can help mitigate this friction. The partnership between Duck Creek and Shift is designed to deliver this important capability.
"Insurance carriers often wrestle with identifying fraudulent claims in real time, which challenges carriers' efficiency and, ultimately, contributes to higher expenses," said Quinn Easterbrook, Chief Enterprise Architect at Duck Creek. "We're excited to partner with Shift Technology to deliver enhanced AI-driven fraud detection capabilities and enable carrier customers using Duck Creek Claims to improve their claims-handling operations and costs."
Duck Creek Claims is a comprehensive claims management solution that helps insurers manage the entire claims lifecycle – from first notice of loss to claim settlement – in a single integrated solution. Regardless of claims complexity, Duck Creek's software provides the necessary workflows, reports, integrations and user experiences needed to increase claims-handling efficiency, reduce loss costs and improve customer satisfaction.
Shift Claims Fraud Detection uses artificial intelligence to effectively identify suspicious claims with a high degree of accuracy. Alerts generated by the solution provide claims professionals with key fraud indicators as well as investigative next steps all of which helps claims handlers make more informed, data-driven decisions and take definitive action. Having these valuable alerts delivered directly to Duck Creek Claims creates new efficiencies, leading to superior customer experiences.
"Policyholders want their insurance providers to be there for them throughout the claims process and a big part of that is to have their claim settled as quickly as possible," explained Drew Whitmore, Global Head of Partnerships, Shift Technology. "Working with Duck Creek, we will be able to make fraud detection a seamless part of the claims process, mitigating risk and enabling phenomenal customer experiences."
About Duck Creek Technologies
Duck Creek Technologies is a leading provider of core system solutions to the P&C and general insurance industry. By accessing Duck Creek OnDemand, the company's enterprise software-as-a-service solution, insurance carriers are able to navigate uncertainty and capture market opportunities faster than their competitors. Duck Creek's functionally-rich solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. For more information, visit www.duckcreek.com.
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.