Elephant taps Shift for AI fraud detection solution
Elephant Insurance is partnering with insurtech Shift Technology to improve fraud detection and safeguard policyholders against rising premiums.
Founded in 2014, Shift Technology is a French insurtech dedicated to using artificial intelligence (AI) solutions to eliminate fraud.
Under the agreement Shift will deploy its Software-as-a-Service, AI-native Claims Fraud Detection solution to unearth and help Elephant prevent illicit activity earlier in the P&C claims process. In doing so, Elephant hopes to speed up its claims processes as well as passing potential savings onto its policyholders through lower rates.
“Naturally, we want to do our best to reduce fraud, making it possible to offer our customers the lowest price possible," says Rhys Pearce, Head of Claims at Elephant Insurance.
"With Shift, we have found an industry-proven technology that gives us an efficient, effective means of uncovering hidden fraud to the benefit of all our policyholders.”
Shift Technology has managed to establish a far-reaching presence globally, with offices located in Paris (HQ), London, Tokyo, São Paulo, Toronto and more. It has already worked with two of Elephant’s sister firms in Europe, L'olivier and Admiral Spanish Operation, impressing higher-ups with the results. Shift says its data scientists were able to create unique models to help agents flag up potentially fraudulent activity earlier on in the process.
"It is incredibly gratifying to work with insurers like Elephant who understand that the ability to spot potential fraud, as early as possible, has an incredibly beneficial impact on the claims process overall," adds Jeremy Jawish, CEO and co–founder, Shift Technology.
"Effective fraud detection is a very powerful tool in support of delivering phenomenal customer experiences.”
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)