What:
Economical Insurance selects Shift Technology for fraud detection.
Why:
Fraudulent claims have a negative impact on all policyholders, but the process of identifying, reviewing, and investigating suspicious claims was taking too long.
How:
- Shift Claims Fraud Detection increases the speed and efficiency with which an insurer can uncover and review suspicious claims. This automated solution flags potentially fraudulent insurance claims across all lines of business with a 75% hit rate. It also provides a comprehensive, prioritized set of suspicions underlying each fraud alert in a single, easy-to-navigate dashboard.
- The solution can automatically ingest third-party data, including publicly available social media and other web content, provide advanced document and photo analysis, and include medical provider data for claims involving bodily injury.