CLAIMS, RISK MANAGEMENT
Shift Technology | March 16, 2023
Shift Technology, a leading provider of AI-driven solutions for the insurance industry, announced on March 15, 2023, that General Insurance Association of Singapore (GIA) would be expanding its use of Shift Claims Fraud Detection to assist its member insurers in detecting travel insurance fraud.
This strategic expansion is a testament to the success of General Insurance Association of Singapore's (GIA) Fraud Management System (FMS). This move comes at an opportune time, with global travel gradually returning to pre-pandemic levels. Shift and GIA have been working together since 2017 to combat insurance fraud. Initially, the collaboration involved the use of Shift Claims Fraud Detection to identify suspicious motor and travel insurance claims. However, due to the significant success achieved in both areas, the solution's use has been expanded to include the detection of various types of travel insurance fraud.
Kai Weng Ho, Chief Executive of GIA, stated, "Recent significant successes in insurance fraud detection using FMS resulted in the conviction of multiple insurance fraudsters. This planned expansion allows us to maximize the potential of the travel module and comes at an opportune time of rising global travel."
He added, "Our collaboration with Shift gives us an important way to detect and manage fraudulent claims at scale. It also augments our sector's existing fraud detection and management efforts."
(Source - Cision PR Newswire)
Jeremy Jawish, CEO and Co-Founder of Shift Technology, remarked, "Fraud is not simply a problem for individual insurers, but rather a challenge for the entire insurance industry, which is why industry-level solutions like ours are so impactful."
He added, "Bad actors do not limit themselves to a single target, especially in the case of organized fraud networks. By providing associations like the GIA with a comprehensive view of what's happening with claims across their membership, fraud detection and mitigation activities are scaled exponentially, to the benefit of all."
(Source - Cision PR Newswire)
About Shift Technology
Shift Technology offers AI decisioning solutions to insurance companies and their clients as one of its many services. These solutions automate and optimize decision-making processes from underwriting through claims, resulting in improved client satisfaction, higher operational efficiency, and lower costs for insurance companies.
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WORKERS COMPENSATION, RISK MANAGEMENT
Origami Risk | March 09, 2023
Fleming Insurance Holdings informed on March 8, 2023, that it has chosen the multi-tenant core solution platform from Origami Risk to improve its data and analytics capabilities for liabilities, including workers' compensation, auto liability, and general liability lines.
Fleming Insurance Holdings is a provider of property and casualty capital solutions. Origami's platform is set to give it several tools and capabilities for data collection, reporting, and advanced analytics that the company can use to speed up and improve its underwriting and claims management processes.
Benjamin Bomhoff, CTO of Fleming, stated, "As our insurance carrier partners look to us for innovative reinsurance and capital solutions, we are committed to leveraging state-of-the-art technology to facilitate timely and accurate decision-making."
He added, "Origami's end-to-end solution should be a real difference-maker for our enterprise, enabling us to operate with expanded data/analytics capabilities, greater speed and efficiency."
(Source – Business Wire)
Chris Bennett, President of Core Solutions division at Origami Risk, remarked, "By implementing Origami's risk management information system, Fleming will be able to drive efficiency in its underwriting and claims operations, and deliver added value to its carrier partners."
"These capabilities are among several innovative solution sets we've developed to help carriers and other insurance providers drive efficiencies across critical functions, meet customer needs and improve overall performance," he concluded.
(Source – Business Wire)
Origami Risk offers all internal and external stakeholders a complete digital engagement experience and integrated SaaS solutions for policy, rating, billing, loss control, claims administration, reporting, and analytics.
About Origami Risk
Origami Risk offers comprehensive SaaS solutions that make insurance, risk, and safety easier for insurers, including managing general agents, program administrators, third-party claims administrators, risk pools, brokers, and others. The company's core insurance system, risk management, and safety solutions are all delivered through a secure, multi-tenant platform that can be accessed through a web browser or a mobile app.
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CORE INSURANCE, INSURANCE TECHNOLOGY
Sure | March 14, 2023
Sure, a leader in insurance technology recently unveiled its latest product - Retrace. This innovative technology empowers online merchants to offer their customers embedded one-click insurance and protection.
Retrace offers a suite of APIs, enabling online merchants to embed insurance and protection into various use cases such as e-commerce returns, travel insurance, and product warranty protection at any stage of the purchase process.
With the help of Retrace, online retailers are able to grow their customer base by providing an improved customer experience. This results in higher levels of customer satisfaction and generates more brand advocates. Also, they have the ability to diversify their revenue streams while simultaneously increasing their top-line revenue.
Sure is introducing its first e-commerce solution with the launch of Retrace. This innovative technology empowers online merchants to provide return shipping protection to their customers at the point of sale, covering the cost of returning goods. Retrace's embedded Return Shipping Protection is a revolutionary technology that streamlines the online shopping experience for merchants and consumers, reducing friction.
Wayne Slavin, Co-Founder and CEO of Sure, stated, "Retrace is the latest offering of Sure's innovative technology to unlock the potential of digital insurance and protection through frictionless online customer experiences."
He added, "Our technology reaches and engages customers wherever they are on their journey, and with Retrace, we are enabling online merchants to provide customers with embedded insurance and protection tools. We're starting with the first of its kind one-click return shipping protection but the sky's the limit, and we have set our sights on a variety of other products spanning travel insurance to warranty protection and beyond."
(Source – Cision PR Newswire)
About Sure
Sure is a prominent insurtech company that powers some of the world's most recognized brands and carriers. Its enterprise SaaS infrastructure and embedded insurance programs drive the insurance industry forward, allowing it to reach its full potential in the digital age. Sure's customers use its unified system of APIs to streamline the entire insurance lifecycle, leading to enhanced customer experiences and efficient digital operations. Founded in 2015, the company is based in Santa Monica (California) and has offices worldwide.
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