Shift Technology helps the insurer identify frauds in the claims management processes using Big Data

Country: FranceImage1

Year: 2013

Concept:

  • Shift Technology is a SaaS Big Data software, which analyzes in detail, the data on the insurance policies and insurance claims through machine learning, in order to detect fraud
  • It creates automatic detection scenarios by collecting data from insurers or from social networks and identifies suspicious activity
  • The company has built its business model on the volume of data treated
  • Currently specialising in P&C insurance, the company intends to eventually expand its solution for banks and e-commerce

Consumer Benefits:

  • Identify and reduce possibilities of fraud: claim handlers can avoid fraud and thus lower Combined Ratio
  • Saves time: through its advanced algorithmic processes, the company collects and treats data in a short span of time

How To Use:

  • The tool offers two main functionalities: (1) Claims and (2) Network, for fraud handlers and claim managers
  • Claims: This tab displays the list of all claims with the insurer, that can be categorized and split by various filters
  • Network: Using the claims and policy data base, as well as several other parameters such as user’s name, address, policy, phone number etc. the tool creates a social network of insurance database thus establishing connections between users and claims, in order to identify discrepancies or dubious claims

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