Admiral Subsidiary, L’olivier, Teams Up with InsurTech Shift

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.

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 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.

THE FIGHT AGAINST FRAUD: A VEHICLE FOR FAIRNESS AMONGST CUSTOMERS

“Fighting actively against fraud is a way of re-establishing fairness for our policyholders, something that is a central value in the culture of L’olivier. Shift will help us to carry on offering the lowest price,” asserts Pascal Gonzalvez, CEO of L’olivier.

Further, thanks to Shift’s Force solution, administrators know whether or not a claim contains elements of fraud in near real time. The algorithms and scenarios for detection offered by Shift speed up the time it takes to process the fraud investigation.

We are extremely proud of the collaboration between Shift and L’olivier, and of being able to fully commit to the values upheld by L’olivier. The implications of fighting against insurance fraud go far beyond the issue of the savings made by the insurer. First and foremost, it is a matter of customer experience and satisfaction. It is all about putting the policyholder at the center of the insurer’s concerns,” explains Jeremy Jawish, CEO of Shift Technology.

THE NEXT STEPS

After an initial calibration phase of the Shift solution in terms of the claims portfolio and data of L’olivier, by the end of this year the insurer will be able to automatically receive alerts for potentially fraudulent claims on a daily basis, sent directly via an intuitive, user friendly interface. But Shift’s support doesn’t end there: a data scientist dedicated to L’olivier is continuously engaged in improving the scenarios released in order to make them even more relevant.

ABOUT L’OLIVIER ASSURANCE AUTO

L’olivier – assurance auto belongs to one of the leading online insurance companies on the European market. Launched in France in 2011, it aims to shake up the market by offering both quality services and attractive prices, all based on each individual’s lifestyle. https://www.lolivier.fr/

ABOUT SHIFT TECHNOLOGY
Shift Technology delivers the only AI-native fraud detection and claims automation solutions built specifically for the global insurance industry. Our SaaS solutions identify individual and network fraud with double the accuracy of competing offerings, and provide contextual guidance to help insurers achieve faster, more accurate claim resolutions. For more information please visit www.shift-technology.com.

About InsuranceEdgeEditor (2039 Articles)
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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