Shift Technology, a provider of AI-driven decision automation and optimisation solutions for the global insurance industry, has announced that The General Insurance Association of Singapore (GIA) will extend its use of Shift Claims Fraud Detection on behalf of its member insurers.
The strategic expansion builds on the successes of the GIA Fraud Management System (FMS) and will support travel insurance fraud. This comes at a fitting time with global travel rising to pre-pandemic levels.
Shift and the GIA have been collaborating in the fight against insurance fraud since 2017 when the Singapore-based trade association deployed Shift Claims Fraud Detection to help identify suspicious motor and travel insurance claims.
While the initial scope of deployment focused more on motor insurance claims, significant success in both areas led to the decision to broaden the solution’s use in detecting more types of travel insurance fraud.
“Recent significant successes in insurance fraud detection using FMS resulted in the conviction of multiple insurance fraudsters. This planned expansion allows us to maximise the potential of the travel module and comes at an opportune time of rising global travel,” said Mr Ho Kai Weng, chief executive of GIA.
“Our collaboration with Shift gives us an important way to detect and manage fraudulent claims at scale. It also augments our sector’s existing fraud detection and management efforts.”
Shift is currently working with leading insurance associations around the world. The company’s AI-powered solutions empower these organisations to make better decisions in the fight against fraud. Shift believes that collaboration is the key to augmenting individual insurers’ strategies by helping the industry detect and disrupt fraud more holistically.
“Fraud is not simply a problem for individual insurers, but rather a challenge for the entire insurance industry, which is why industry-level solutions like ours are so impactful,” explained Mr Jeremy Jawish, CEO and co-founder of Shift Technology. “Bad actors do not limit themselves to a single target, especially in the case of organised fraud networks. By providing associations like the GIA with a comprehensive view of what’s happening with claims across their membership, fraud detection and mitigation activities are scaled exponentially, to the benefit of all.”