Did you know that about 10% of all insurance payouts are flowing directly into the pockets of fraudsters? The future of insurance starts with Decisions Made Better. Shift Technology harnesses the power of AI to enable the world's leading insurance organizations to make better decisions. Our products automate and optimize decisions from underwriting to claims, resulting in increased operational efficiency, reduced costs, and superior customer experiences for millions of people around the globe. Our culture is built on innovation, trust, and a drive to transform the insurance industry by imagining and innovating solutions that impact insurers and their customers - like you!

At the end of January, Diot-Siaci Group, a European leader in property and personal insurance consulting and brokerage, and Shift Technology, a French unicorn specializing in the development of AI-based data automation and optimization solutions for the insurance industry, announced that they have decided to combine their expertise to offer a better level of consulting, particularly through the AI of the Shift Claims Fraud Detection solution. In the insurance brokerage industry, competition is fierce and groups are looking for alliances to strengthen their national and international ambitions. Thus, the Diot-Siaci group was born a few months ago from the merger of Siaci Saint Honoré and Diot. Present in forty countries, it has nearly 5,000 employees and its turnover in 2021 will be close to €700 million. Insurance is a field where fraud attempts are numerous, Diot-Saci will try to remedy this with the Shift Claims Fraud Detection solution.

LexisNexis Risk Solutions, a provider of data and analytics for the insurance industry, and Shift Technology, a provider of AI-driven decision automation and optimization solutions for the global insurance industry, announced today the two companies have entered a strategic alliance. As a result, insurance carriers can now incorporate LexisNexis Claims Clarity data and analytics into Shift's insurance decisioning artificial intelligence (AI) models, allowing carriers to better predict fraud and risk at the first notice of loss. To achieve greater workflow efficiency and deliver optimal customer experiences, insurers are increasingly adopting low-touch and straight-through claims processing strategies. For these initiatives to be successful, it is critical that claims professionals have the right data to know when claims can be fast–tracked or when they require further triage and closer examination. LexisNexis Risk Solutions provides insurers with system-to-system, actionable party and vehicle data in near real-time.

Nearly 75% of respondents in a recent survey from the Coalition Against Insurance Fraud and Shift Technology said they believe that among relevant technology, artificial intelligence (A.I.) will have the greatest impact on claims and fraud detection over the next five years. However, Coalition Against Insurance Fraud Executive Director Matthew Smith says this is likely just the beginning in terms of A.I.'s impact on the insurance industry. "We are literally at the tip of the A.I. iceberg in 2020," he says. "Insurers are just starting to use it." In this episode of the Insuring Cyber Podcast, Smith discusses how insurers are using A.I. technology to detect and prevent fraud.

PT. Asuransi Tokio Marine Indonesia, the localized entity of one of Japan's biggest insurers, is looking to step up its fraud prevention strategy for separating real automotive insurance claims from fraudulent ones. It's turning to artificial intelligence (AI) to help quickly separate the authentic claims from the suspicious ones. One of the largest general insurers in the country, Tokio Marine Indonesia was looking to beef up its claims process with an AI-powered claims automation software. The global insurance fraud detection market is growing dramatically, from US$2.5 billion in 2019, it is estimated to hit US$7.9 billion by 2024, according to a recent research report, Fraud analysis is a specialized form of data analytics investigation which spots bad actors, such as people attempting to submit fraudulent insurance claims. But when claims are piling up, AI can help sift through and analyze mounds of data compared to a human and is one of the main reasons why Tokio Marine Indonesia decided to deploy Shift Technology's Force fraud detection solution.

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L'olivier – assurance auto, an auto insurer and French subsidiary of the English group Admiral, a European leader in automobile insurance, is joining InsurTech Shift Technology to fight against car insurance fraud. Shift Technology (PRNewsfoto/Shift Technology) THE IMPLICATIONS OF INSURANCE FRAUD According to insurance magazine l'Argus de l'Assurance, in 2014 fraud represented 2.5 billion Euros in damages, only €219M of which have been recovered by insurers. Faced with such high figures, which are also on the increase, the aim of L'olivier […]

L'olivier - assurance auto, an auto insurer and French subsidiary of the English group Admiral, a European leader in automobile insurance, is joining InsurTech Shift Technology to fight against car insurance fraud. According to insurance magazine l'Argus de l'Assurance, in 2014 fraud represented 2.5 billion Euros in damages, only €219M of which have been recovered by insurers. Faced with such high figures, which are also on the increase, the aim of L'olivier is to rely on artificial intelligence and data science to automate and optimize the detection of suspicious claim files. For L'olivier, a direct insurer created in 2011, it was important to reinforce its plan to fight against fraud by establishing a dedicated unit: "Shift will help us in building out our capabilities. Their solution improves our ability to detect fraud by reducing the number of irrelevant cases, at the same time as it enhances our ability to prove fraud by providing administrators with avenues of investigation, enabling us to avoid payment of fraudulent claims," explains Janny Druon, head of the Claims Analytics team at L'olivier.

Shift Technology, a provider of AI-native solutions for the global insurance industry today announced the company has entered into a long-term agreement with P&V Group, a leading Belgian insurer. As a result, P&V will adopt Shift Technology's FORCE to automate the carrier's fraud detection capabilities. Following an extensive evaluation of available solutions, P&V chose FORCE as the foundation for its automated fraud detection initiatives. According to Pierre Creuven, claims director, P&V Group, "The selection of FORCE was based on a variety of important criteria. We wanted a solution that was AI-driven and backed by extensive data science and insurance industry expertise. At the same time, we needed to work with a company with which we could truly partner and collaborate on implementing the best fraud detection models. In the end, Shift was the natural choice."

Artificial Intelligence (AI) has always been the subject of dreams and visions about the distant future of humankind. Even though we are nowhere near a conscious robotic system, nowadays, AI systems are ubiquitous and showing tremendous successes in various fields of our everyday life. We are using these on a daily basis, often without even noticing. Whether it is the Virtual Personal Assistants on our mobile phones (such as Siri, Google Now, and Cortana), self-driving cars, the ranking of the web pages given your search query, or the classical textbook examples such as spam filtering and recommendation systems of online media providers and marketplaces like Amazon. Various fields of AI have made a major leap forward in the recent years.