The Insurance Fraud Bureau and Shift Technology will partner on developing a new fraud detection system for the UK insurance sector.
Expectations are that the new platform will be in play by early 2022. Artificial intelligence will be part of its core design, with the idea it will learn and adapt to the evolving threat of organized insurance fraud networks. It will be able to alert fraud investigators to suspicious activity in real-time, according to the partnership announcement.
“In the fast-changing world of fraud, we must do more to protect businesses and the public from its devastating impact,” Ben Fletcher, Director of the IFB, said in prepared remarks. “Our partnership with Shift Technology will support these ambitions by enabling our counter-fraud services to evolve and become even more intuitive and efficient”.
Jeremy Jawish, CEO of Shift Technology said the partnership was a significant one in the fight against insurance fraud.
“The IFB is an iconic institution and [has] an amazing reputation for helping the UK insurance industry mitigate the impact of fraud, benefitting both insurers and policyholders alike,” Jawish said in prepared remarks. “Shift is honored to now be an integral part of those efforts.”
For the IFB partnership, Shift will analyze millions of policies and claims records from industry databases to help expose organized insurance fraud networks.
The IFB is UK-based non-profit group that annually takes on over 100 new investigations into complex fraud networks to bring criminals to justice and circulates thousands of intelligence alerts to the insurance industry.
Shift Technology uses artificial intelligence and big data technology to help carriers manage risk during the claims process. Launched in 2014 in Paris, France, the company now has offices in several locations globally, including Boston, Tokyo, London, Madrid, Zurich, Singapore and Hong Kong.
Source: Insurance Fraud Bureau. Shift Technology