Country: France
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