Shift Technology, a provider of AI-powered decision automation and optimization solutions for the global insurance industry, announced the company has finalized a relationship agreement with TransUnion (NYSE: TRU), a global information and insights company. As a result, insurers using TransUnion TruLookup™ attributes and data to support their risk management initiatives can now also have that data used to inform Shift Claims Fraud Detection models via a direct feed.
According to the Coalition Against Insurance Fraud, in the United States alone some element of fraud is present in approximately 10 percent of all P&C insurance claims. This represents nearly $310 billion in losses per year. Artificial intelligence (AI) has proven effective in helping insurers find hidden fraud in the claims process by uncovering a greater number of suspicious claims, indicating the factors that prompted the claim to be flagged, and highlighting the most efficient means of investigation. However, it is well known that AI requires significant amounts of data to be at its most effective. Shift uses both an insurer’s internal claims data as well as data from third-party sources to inform its fraud detection models. For carriers who subscribe to TransUnion’s TruLookup data, Shift is now able to access that data directly without requiring additional integration work.
“Our relationship with Shift will enable our mutual customers to have access to a more effective and efficient claims fraud identification and investigation practice,” said Ernesto Castelnuovo, SVP and Head of TransUnion’s Specialized Risk Solutions. “In turn, they can deliver great experiences for consumers in moments that matter.”
TransUnion’s TruLookUp attributes use a combination of public records, personal identity information, and asset data, to help insurers uncover and identify non-obvious, fraud risks. Powered by TransUnion’s fusion of over 10,000 public and proprietary data sources, the newly released attributes help carriers make impactful, cost effective and scalable improvements to their performance. Shift Claims Fraud Detection is a best-in-class, AI fraud-fighting solution. The technology can detect claims fraud in real time or in scheduled workflows with up to three times the accuracy when compared to manual or rules-based implementations. Further, Shift Claims Fraud Detection delivers transparent findings to users with detailed rationale for all conclusions allowing investigators to make fraud decisions with speed, accuracy, and confidence.
“The relationship between Shift and TransUnion simply makes sense and provides significant benefit to our customers’ fraud mitigation strategies,” stated Jeremy Jawish, CEO and co-founder, Shift Technology. “TransUnion is well known for delivering quality data which is exactly what we want powering our award-winning fraud detection solution.”
Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!
