Shift Technology, a provider of AI-driven decision automation and optimization solutions for the global insurance industry, and Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, today announced the two organizations have entered into a strategic partnership. As a result, users of Sapiens IDITSuite for P&C insurers will soon be able to have alerts generated from Shift Claims Fraud Detection delivered directly into the claims management environment they use every day.
It is estimated that claims fraud costs the insurance industry more than $80 billion per year in the U.S. alone. Empowering claims professionals to identify suspicious claims effectively and efficiently and quickly refer them for further investigation is a powerful value proposition. This allows insurers to avoid paying out on fraudulent claims, improve their combined ratio, and deliver an exceptional policyholder experience by paying claims as quickly, accurately, and fairly as possible. Delivering fraud alerts from Shift directly into the Sapiens claims management solution insurance professionals use every day streamlines the fraud detection process for everyone involved, saving both time and money.
Shift Claims Fraud Detection has a demonstrated capability to detect suspicious claims in real-time or in scheduled workflows with a 3X detection hit rate when compared to manual or rules-based implementations. Its ability to incorporate third-party data, structured and unstructured data, along with carriers’ claims and policy data is key to the solution’s accuracy. Furthermore, Shift Claims Fraud Detection delivers a clear and detailed rationale for all its conclusions as part of every alert. This allows investigators to make fraud decisions with speed, accuracy, and confidence. Working in conjunction with Sapiens IDITSuite, the two solutions create a powerful way to modernize the fight against insurance fraud.
“Insurance fraud costs the industry billions of dollars every year because fighting insurance fraud is not easy. Fraudsters are clever and traditional detection methods are inefficient,” explained Drew Whitmore, global head of partnerships, Shift Technology. “Working together with Sapiens, we are replacing inefficiency with efficiency and empowering claims professionals by giving them a holistic view of the claims process.”