Shift Technology, a provider of AI-native fraud detection and claims automation solutions for the global insurance industry, has announced it has signed with Ethias, one of Belgium’s leading insurance companies. As a result of the long-term agreement, the carrier will implement Force, Shift’s fraud detection solution, during a three-phased project. The first phase will cover Ethias’ auto insurance line, with workers compensation and property to follow.
“At Ethias, our mission has always been to offer our policyholders security and peace of mind through the products and the services we offer,” said Geert Morris, Head of Fraud and External Networks, Ethias. “Adding Shift’s industry leading fraud detection capabilities into our claims workflow supports this mission on a number of levels. We can settle meritorious claims more quickly and by identifying suspicious claims sooner and avoiding payment, we can help keep premiums lower for our customers.”
Ethias undertook an extensive evaluation process and found that Force best met the company’s fraud detection requirements. The use of advanced Artificial Intelligence (AI) and data science to identify potentially fraudulent claims significantly minimises false positives, a key feature for the carrier. Further, the combination of a dynamically generated fraud score for each claim indicating the level of suspicion and identifying the contributing factors behind the score was of critical importance to Ethias. Speeding investigation and resolution of questionable claims not only helps mitigate the issue of fraud but also ensures genuine claimants are paid quickly and accurately.
“The customer experience for policyholders is influenced by a variety of different factors, and at Shift, we believe that how potential fraud is identified and handled plays a role in how an insurer is perceived,” said Jeremy Jawish, CEO and Co-founder, Shift Technology. “Fast, accurate fraud detection simply speeds up the claims process. Valid claims are paid more quickly which makes the customer happy. Non-meritorious claims are rejected, helping to keep fraud from impacting premiums.”