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.
LIFE INSURANCE, INSURANCE TECHNOLOGY
PRnewswire | March 20, 2023
MIB, the life insurance industry's most trusted and secure partner for data-driven insights and digital services announced the launch of a new suite of solutions that leverage a unique database consisting of in force and pending application data as well as terminated policy data to provide new critical insights to the industry.
The MIB In Force Data Solutions portfolio leverages a contributory database, maintained by MIB on behalf of the life insurance industry, to provide insights that address a critical industry challenge – the need to understand an applicant's total coverage exposure. The only data solution of its kind, the database was developed in partnership with TAI (Tindall Associates, Inc.), the premier reinsurance administration software in use in the U.S., and in conjunction with carriers and reinsurers who are MIB's members.
The first services available within the portfolio enable the industry to identify potential risks and behavioral trends tied to total coverage exposure while minimizing hidden financial risks:
The MIB Jumbo Service enables participating carriers and reinsurers to take a retrospective look at their highly insured individuals to proactively identify and resolve jumbo treaty breaches during the contestability period. Launched in April of 2022, the service to date has helped the industry identify over 600 insureds with combined in force and pending coverage levels near or above jumbo treaty limits, helping mitigate more than 16 jumbo treaty violations, and saving the industry an estimated $75 million of unanticipated claims.
Newly launched, the MIB Total Line Service provides total coverage exposure data at the time of underwriting. With this new data, underwriters can verify an applicant's reported coverage level, and also proactively identify risk patterns and behaviors that may warrant further investigation. Based on initial MIB case studies, the service has significant potential to help identify behavioral risk of applicants and producers.
Since the In Force Solutions contributory data vault leverages existing system interfaces that many carriers already have in place with TAI and MIB, most MIB members can take advantage of the new services without the burden of an IT spend. In force data is contributed through TAI's reinsurance software and pending application data is contributed through MIB's Code Solutions platform which is e-connected to 99.0% of the insurance companies in North America.
Committed to developing innovative solutions that address the life insurance industry's evolving needs, MIB sees significant future potential to leverage the database for services that extend beyond fraud prevention. "As our access to data continues to grow, there are many opportunities to introduce new services and deliver additional insights," said Patti DeWitt, Vice President of Member Services at MIB. "We are excited about the possibilities for new innovative solutions, leveraging protective value studies, data analytics and behavioral sciences that can safeguard against fraud, improve claim processes, inform underwriting rules, and more."
"Before now, the industry lacked the opportunity to see a full picture of in force, applied for, and terminated coverage. Now that we can examine the picture in full, there is great potential to uncover novel insights and valuable learnings for the industry," said Chris Murumets, CEO, TAI. "This is a perfect example of how data and analytics can be leveraged to help move the industry forward."
MIB Group Holdings, Inc. is the insurance industry's most trusted and secure partner for data, insights and digital solutions that support underwriting and actuarial decision making and improve industry efficiencies. With deep connections to the life insurance companies who are its members, and a sole focus on improving the insurance industry, MIB is uniquely positioned to provide data-driven solutions that address common industry challenges and enable clients to gain efficiencies, manage their risks, and grow profitably. MIB Group Holdings, Inc. provides services through its wholly owned operating subsidiaries, MIB, LLC, MIB Services, LLC and MIB Solutions, LLC. For more information about MIB, visit www.mibgroup.com.
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)
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.