Shelter Insurance Goes with Shift for Claims Fraud Detection

Shift Technology, a provider of AI-powered decision optimization solutions for the global insurance industry, announced that Shelter Insurance has gone live on Shift Claims Fraud to help mitigate exposure to auto & property insurance fraud risk. The insurer is also a member of the recently announced Insurance Data Network (IDN).

As a mutual insurer, Shelter is owned by its policyholders as opposed to shareholders. As such, the company has long been known for its commitment to customer service and its continuous innovation in the service of delivering exceptional policyholder experiences. Viewing claims fraud as an activity that adversely affects legitimate customers and the insurer’s combined ratio, Shelter turned to Shift to help them apply artificial intelligence (AI) to the challenge of finding suspicious claims and determining how best to investigate their veracity.

“What is insidious about insurance fraud is that it impacts nearly every aspect of the insurance business, from the policyholder experience to profitability to the premiums our insureds pay,” Mark Jones, Director of Litigation and SIU, Shelter Insurance. “Through our work with Shift we are able to identify a greater number of suspicious claims, separate them from legitimate claims, thoroughly investigate, and conclude it as quickly, accurately, and fairly as possible. This is incredibly beneficial to the business and our customers.”

According to industry estimates, P&C claims fraud costs U.S. insurers almost $90B per year. Shift Claims Fraud Detection uses the power of AI to help insurers find hidden fraud during the claims process and then make the best determination about how to investigate. Shift’s AI-based approach to fraud detection reduces false positives, identifies cases of both individual fraud and more sophisticated network fraud schemes, and delivers clear contextual guidance and supporting documentation to speed investigations. These factors taken together ensure exceptional operational efficiency and efficacy in claims fraud mitigation.

“As auto insurance fraud becomes more sophisticated, insurers must look for solutions that give them advantages over bad actors.” explained Barrett Callaghan, Head of Global Markets and Customer Success, Shift Technology. “Shelter truly understands the value technology can bring to their fraud fighting initiatives and we are proud to be supporting their efforts.”