Industry Coalition Aims to Identify Related Incidents Impacting Two or More Insurers
Paris, France and Boston, MA /PRNewswire/ - Shift Technology, a provider of AI-native fraud detection and claims automation solutions for the global insurance industry, today announced that the Agency Against Insurance Fraud (ALFA) is using the company's Force fraud detection solution to better identify suspicious activities impacting multiple insurers. As a result of the partnership, ALFA members are better prepared to identify and mitigate auto insurance fraud committed by organized networks.
ALFA is an offshoot of the French Federation of Insurance (FFA) and was specifically created to help its member companies advance the fight against insurance fraud. The organization offers a variety of services including access to technical and methodological documents, the ability to tap into an extensive network of AFNOR-certified (Association Française de Normalisation) insurance investigators, as well as other advisory services. Currently, the 320-member association includes 100% coverage of the French P&C insurance market.
"In partnership with Shift, ALFA has created a unique tool for the insurance sector," explained Maxence Bizien, Director, ALFA. "The ability to quickly and efficiently identify the networks of organized fraud that are impacting multiple insurers is something that will change the way in which our members collectively approach fraud, ultimately benefiting all honest policy holders."
Shift was selected to support this project as the company and its technology met the requirements set by ALFA, specifically, in-depth knowledge of the data processed by member insurance companies and a unique capacity to organize and analyze it appropriately. In addition, Shift presented the advantage of being a company which exclusively services the insurance sector. For this project, Shift's Force solution looks for evidence of policy holders who have taken out multiple policies with various member insurers, those who have taken out coverage after an event, the trafficking of wrecked vehicles, policy holders with multiple total losses, as well as overall suspicious claims. Following a review by ALFA personnel, alerts with a high level of suspicion are delivered to member organizations.
"The capability in Force to identify fraud networks is already of tremendous benefit to individual insurers because it allows investigators to make important connections that they most likely cannot see on their own," stated Jeremy Jawish, CEO and co-founder, Shift Technology. "Through our work with ALFA, we're multiplying that power exponentially by allowing those same connections to be seen across several insurers, which is something that simply couldn't be done before now."
About Shift Technology
Shift Technology delivers the only AI-native fraud detection and claims automation solutions built specifically for the global insurance industry. Our SaaS solutions identify individual and network fraud with double the accuracy of competing offerings, and provide contextual guidance to help insurers achieve faster, more accurate claim resolutions. Shift has analyzed hundreds of millions of claims to date and is the Frost & Sullivan 2020 Best Practices Award Winner for Global Claims Solutions for the Insurance Market. For more information please visit www.shift-technology.com.