Pan-Asian Insurer Looking to Accelerate Claims Processing Time, Thereby Improving the Customer Experience
Shift Technology, a provider of AI-native solutions for the global insurance industry, announced it is working with FWD Group, the leading pan-Asian insurer whose vision is to change the way people feel about insurance.
To that end, FWD Singapore (“FWD”) recently became the first health insurer in Southeast Asia to deploy FORCE, Shift’s fraud detection solution that uses artificial intelligence to analyze multiple data sources and thereby improve insurers’ claims assessment capabilities by eliminating possible waste and fraudulent claims.
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“At FWD, we’re committed to leveraging digital technology to make insurance simple, reliable and direct for our customers, and our collaboration with Shift Technology is a strong demonstration of our customer-led approach,” said Abhishek Bhatia, FWD’s Singapore CEO. “Working with Shift also gives us greater confidence in applying straight through processing to a larger number of claims, helping to shorten turnaround time for claim payment and ultimately improve the customer experience.”
Shift’s Force uses advanced artificial intelligence (AI) and data science to detect potentially fraudulent claims and apply a dynamically generated fraud score for each claim that indicates how suspicious the claim is, contributing factors, and how the claim could be investigated. By applying this score to the company’s claims, Force helps FWD eliminate the issue of fraud, waste and abuse as it relates to straight through processing, ensuring genuine claimants are paid quickly and accurately.
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“One of the biggest challenges to straight through processing is being able to know, with certainty, that a claim is meritorious,” stated Jeremy Jawish, CEO and co-founder, Shift Technology. “Our approach to AI-driven fraud detection gives our partners, such as FWD, the ‘go ahead’ to implement their business strategies with confidence and ultimately deliver a phenomenal customer experience.”
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