Shift Technology, a provider of AI-driven decision automation and optimization solutions for the global insurance industry, today announced the availability of its Claim Fraud Accelerator in the Guidewire Marketplace. Insurers using Guidewire Cloud for claims management can now have fraud alerts from Shift Claims Fraud Detection delivered directly into the environment their claims professionals use every day.
According to new figures released by the Coalition Against Insurance Fraud, insurance fraud costs the US economy a record $308.6 billion annually, with property and casualty fraud representing $45 billion of that figure. In this environment, insurers are seeking technology solutions that can help them accurately find hidden fraud in the claims process, uncover it quickly, and investigate it efficiently. Claims professionals want technology solutions that work together seamlessly to help them make the best decisions possible about how to resolve policyholder claims. The integration of Shift Claims Fraud Detection and Guidewire Cloud, via the new Claim Fraud Accelerator, meets this complex challenge.
“Shift and Guidewire have already proven how effective the delivery of fraud alerts directly into the Guidewire claims management environment can be through the earlier Add-on for ClaimCenter,” said Christy Oltmanns, director, of solution alliances, Guidewire. “As more and more insurers embrace the power of the cloud to support mission-critical applications, ensuring our Guidewire Cloud users can take advantage of fraud detection solutions like those provided by Shift is an important advancement.”
Shift Claims Fraud Detection is the company’s pioneering solution that brings together the power of Artificial Intelligence and advanced data science to help insurers find previously undetectable fraud during the claims process. Shift’s data-centric approach to fraud detection reduces false positives to driving more efficient workflows, identifies simple cases of individual fraud and more sophisticated network fraud schemes, and delivers clear contextual guidance and supporting documentation to speed investigations. The Claim Fraud Accelerator allows for Shift alerts to be delivered to the Guidewire environment in both real-time and recurring data transfer to best meet the needs of the customer. As important, using the accelerator can save as much as 50 percent of overall implementation time depending on customer requirements and in many situations can be in production in just over two months.
“Speed, accuracy, and flexibility are critical in the fight against insurance fraud,” explained Drew Whitmore, head of partnerships, at Shift Technology. “Working together with Guidewire, we are providing exactly that to insurers around the world.”