First Central Insurance and Technology Group, a leading provider of insurance services, and Shift Technology, a provider of AI-driven decision automation and optimisation solutions for the global insurance industry, today announced that the insurer has gone live on Shift Claims Fraud Detection, one of the solutions comprising the recently introduced Shift Insurance Suite. First Central is now using the technology to better detect hidden fraud in its claims process. First Central also announced it will soon be live on Shift products which more effectively identify potential fraud at the time of application.
The insurer’s adoption of cutting-edge technology to reduce the impact of fraud, both in Application and Claims, is part of an overall strategy to deliver exceptional customer experiences to its policyholders. As an insurance company founded on a ‘customer first’ approach, the ability to maintain affordable premiums and make interactions with the company as simple and frictionless as possible is key to its core values. Using artificial intelligence and advanced data science, in support of the company’s fraud-fighting initiatives, addresses both critical areas. For First Central, eliminating as much fraud as possible, from both the application and claims processes, not only helps to keep premiums stable, but also adds significant efficiency to both processes.
Paul Priestley, Counter Fraud Director at First Central, explained, “Fraud can’t simply be looked at as a cost of doing business, and it’s not a victimless crime. We know the impact that fraud has on honest policyholders and we’re putting important initiatives in place to tackle the problem at every opportunity, such as this investment in Shift’s innovative technology.”
Through its use of the Shift fraud detection solutions, First Central anticipates being able to identify a greater proportion of suspicious claims as well as potentially problematic policies during the application stage. In addition, the insurer believes it can reduce the time from first notice of loss (FNOL) to settlement through accurately identifying those claims which may be fraudulent and fast tracking those that are legitimate.
“We are incredibly proud to be an integral part of First Central’s fraud fighting strategy and to be supporting those efforts in both the claims and application processes,” stated Jeremy Jawish, CEO and co‑founder, Shift Technology. “A strong plan to combat insurance fraud, across the policy lifecycle, offers tremendous benefits to insurer and customer alike.”