CRIF joins Shift Technology to fight insurance fraud with AI
represents the only company to cater exclusively for global insurance with AI-native automation and decisioning tools. Meanwhile, is a UK firm with over 20 years of experience working with the largest companies in the market in over 50 countries. It is also included on the FinTech 100.
The collaboration will make CRIF’s counter-fraud service ‘Sherlock’ available via Shift's Fraud Detection and Prevention solution. Sherlock aggregates millions of records in real-time, enabling it to build complex customer profiles, highlight risk and maximise the allocation of time and resources accordingly.
Cyber threats become primary industry antagonists
Although cybersecurity has always been a concern for financial service providers, the COVID-19 pandemic has put the need for more robust defences in . As more processes are necessarily digitalised and company IT infrastructure becomes less siloed, the surface area for attack increases sharply.
"CRIF has always been about making the best data available, at the right time, to drive desired outcomes. Fighting and mitigating insurance fraud is still an industry priority. Opportunistic and organised fraud evolve, and this trend is likely to continue and potentially grow due to financial stress and increased living costs.
“It is important that claims are not only validated quickly, but also properly to ensure that the premium pool is not depleted by fraudulent activities"We believe we can give fraud investigation a whole new kind of power given the huge industry costs involved and the high concern for insurance companies,” she said.
Jeremy Jawish, CEO and Co–Founder of Shift Technology, added that the partnership would go a long way to help reassure carriers as they attempt to wrestle back control during a tumultuous period:
"Shift's fraud detection solutions help insurance companies not only identify the multiple types of fraud committed by both individuals and networks but also provides detailed rationale and contextual guidance pertaining to why a fraud alert was generated and how to best investigate it.
By working with CRIF, we can further improve our models and scenarios to more effectively support our clients in optimising fraud investigation and grow their profitability.”
SLK Software: Optimising performance in the digital economy
Established in 2000 in Bengaluru, India, SLK Software recognises that fast-paced digital transformation is creating an unprecedentedly fertile period of opportunity for global businesses.
As such, with a firm belief in the power of simplification and automation to yield new and exciting experiences, the company has been challenging the status quo for over 20 years through an approach that is:
- Relationship oriented
- Strategically focused on a desired outcome
- Reliant on automation tech
Believing in purposeful automation
SLK’s specialisation in automation tech is full spectrum: artificial intelligence (AI) and machine learning (ML), Computer Vision, Natural Language Processing (NLP), Robotic Process Automation (RPA), and more, are all part of its core competencies.
Citing 90% productivity improvements, 30% business growth through better customer experiences, and up to 20x faster go-to-market capabilities, the reasons for its focus are clear.
The company currently serves the banking, financial services, insurance, retirement services, M&A, manufacturing, and supply chain sectors. Solutions offered include:
- Intelligent Business Transformation
- Agile IT Automation
Accelerating workflow processes
The latter is a tool specifically calibrated to enable business users an easy method for capturing document processes. This can occur across any application, with these individual tasks then seamlessly combined for both improved compliance and governance.
Carol Castelloni, VP of Transformation at CNA Insurance, highlighted this as providing critical support in helping the company meet its business objectives:
“SLK’s Avo Discover tool accelerates how we can document workflow processes, measure impacts on enhancements, and identifies future automation opportunities.” Liberated from having to focus on these process-driven aspects of business, CNA Insurance has been able to refocus its attention on creative problem-solving instead.
Ultimately, this is the most important benefit that SLK brings: it optimises the back end so that clients can channel their energy towards what matters the most, customers.
Read more about SLK Software and CNA Insurance in the June 2021 edition of FinTech Magazine.
Pictured: SLK Software team (source)