RISK MANAGEMENT, COMPLIANCE
PRnewswire | April 03, 2023
Shift Technology, a provider of artificial intelligence-based decision automation and optimization solutions for the insurance industry, and Direct Assurance, the French leader in direct insurance, which offers auto, motorcycle, home and health insurance, and is a 100% subsidiary of the AXA group, today announced their renewed collaboration. Initiated in 2018 to fight auto insurance claims fraud using Shift Claims Fraud Detection, the relationship now extends its scope to cover home insurance claims.
Property and casualty insurance fraud costs the European economy €14 billion annually, and €2.5 billion in France alone. As such, insurers are looking for modern solutions which can more effectively identify and analyze suspicious claims. Working with Shift, Direct Assurance has opted for an innovative approach to this issue. Five years of successful collaboration analyzing motor claims prompted the French leader in direct insurance to extend the use of Shift's solutions to the challenge of mitigating fraud in home insurance claims.
"Fighting against fraud is one of the most effective ways to maintain the competitiveness of our rates and defend the purchasing power of the immense proportion of our bona fide customers," explained Donatien Levesque, director of claims, Direct Assurance.
"In order to identify suspicious claims, we chose to combine artificial intelligence with the know-how of our experts. The enormous amount of information to be processed makes verification and comparison operations extremely difficult," continued Nicolas Vilhelmsen, head of claims business intelligence, Direct Assurance. "That's why we used Shift. Since 2018, this collaboration has allowed us to gain ground on fraudsters in a considerable way. We are very excited to apply this solution to our home claims, which are an increasingly important part of our business."
"From the beginning, Shift's goal has been to put technology at the service of insurance players to help them best serve their customers," concludes Jeremy Jawish, CEO and co-founder, Shift Technology. "We are proud to have contributed for several years to Direct Assurance's strategic initiative to minimize the impact of fraud on its business, and to benefit its legitimate customers."
About Shift Technology
Shift Technology delivers AI decisioning solutions to benefit the global insurance industry and its customers. Our products enable insurers to automate and optimize decisions from underwriting to claims, resulting in superior customer experiences, increased operational efficiency, and reduced costs. The future of insurance starts with Decisions Made Better. Learn more at www.shift-technology.com.
About Direct Assurance
Direct Assurance is the French leader in direct car insurance and also offers motorcycle, home and health insurance products. Today, more than a million customers trust the company. A pioneer since 1992, Direct Assurance is a part of the AXA group.
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RISK MANAGEMENT, INSURANCE TECHNOLOGY
Globenewswire | April 19, 2023
Risk Strategies, a leading national specialty insurance brokerage and risk management and consulting firm, today announced its acquisition of HollandStivers Employer Solutions, a specialist in employee benefits located in Paducah, Kentucky. Terms of the deal were not disclosed.
Tracing its roots back to 1994, HollandStivers Employer Solutions marks the first acquisition by Risk Strategies in Kentucky. The firm brings several complimentary capabilities to the Risk Strategies National Employee Benefits Practice, including expertise in group medical, individual medical, group life and dental. HollandStivers also offers clients payroll administration and other HR services.
“We acquire firms that match in terms of culture and approach to our specialist focus,” said John Greenbaum, Risk Strategies National Employee Benefits Practice Leader. “The team at HollandStivers are great people and expand our geographic presence while adding expertise in integrated human capital management and payroll administration to our rapidly growing repertoire of client services.”
With almost 30 years of experience in the benefits insurance industry, HollandStivers has established deep, trusted relationships with its clients. The firm’s strong client-focused approach builds great loyalty among its customers, with many having been with the firm for over 20 years.
“In seeking a firm to help expand our capabilities and reach, we saw Risk Strategies specialist, client-first approach as being a great fit for our people and our clients,” said Jody Stivers, Founder & President, HollandStivers. “We’re excited to become part of a true national-scale specialty brokerage and practice.”
Along with customized employee benefits solutions, HollandStivers offers clients an array of value-added services including data analytics, carrier rate negotiation, compliance assistance, and employee communication and education. The payroll administration services directly provided by the firm include product selection and implementation of a payroll HCM (Human Capital Management) system as well as ongoing technical support for their payroll HCM.
About Risk Strategies
Risk Strategies is the 9th largest privately held US brokerage firm offering comprehensive risk management advice, insurance and reinsurance placement for property & casualty, employee benefits, private client services, as well as consulting services and financial & wealth solutions. With more than 30 specialty practices, Risk Strategies serves commercial companies, nonprofits, public entities, and individuals, and has access to all major insurance markets. Risk Strategies has over 100 offices including Boston, New York City, Chicago, Toronto, Montreal, Grand Cayman, Miami, Atlanta, Dallas, Nashville, Washington DC, Los Angeles and San Francisco. RiskStrategies.com.
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CORE INSURANCE, INTELLECTUAL PROPERTY
Businesswire | May 15, 2023
CCC Intelligent Solutions Inc. (CCC) and Verisk Analytics, Inc. (Verisk) announced today a strategic partnership to leverage the two providers’ market-leading technologies to bring new innovations to P&C insurance claims. CCC is a leading cloud platform for the P&C insurance economy and Verisk is a leading global data analytics and technology provider.
The first project announced through the partnership is the planned integration of anti-fraud analytics from Verisk’s claims fraud detection solution with CCC’s claims platform. This integration will help P&C insurers fight the rising threat of fraud in auto physical damage (APD) claims. When fully integrated, insurers will be able to quickly and easily identify potential fraud in real-time within existing CCC-powered workflows.
“Working with Verisk we can leverage the strengths of both companies to create new opportunities for our shared customers,” said Marc Fredman, chief strategy officer at CCC. “Mitigating fraud is a priority for insurers. By bringing the right data elements to adjusters’ fingertips, we can help them reduce fraud risk.”
The Coalition Against Insurance Fraud estimated the cost of insurance fraud in America at more than $308 billion per year. According to the FBI, fraud costs the average family between $400 and $700 a year in premiums. With the increasing adoption of technology and the emergence of new capabilities like generative AI, the threat of fraud is expected to increase.
“With macro-economic pressures like inflation and supply chain constraints, coupled with increasing criminal sophistication, it’s become necessary for insurers to quickly and accurately detect and defend against fraudulent claims,” said Shane Riedman, general manager of anti-fraud solutions at Verisk. “Verisk’s work with CCC will enable insurers to leverage robust analytics and powerful technology to not only reduce fraud loss but also accelerate the resolution of meritorious claims, thus providing better, faster service to policyholders.”
This partnership builds upon an existing integration between the two companies. Auto insurers can currently use CCC’s platform to access insights from Verisk’s Liability Navigator to help assess damages in bodily injury claims.
About CCC
CCC Intelligent Solutions Inc., (NASDAQ: CCCS), is a leading SaaS platform for the multi-trillion-dollar P&C insurance economy powering operations for insurers, repairers, automakers, part suppliers, lenders, and more. CCC cloud technology connects more than 30,000 businesses digitizing mission-critical workflows, commerce, and customer experiences. A trusted leader in AI, IoT, customer experience, network, and workflow management, CCC delivers innovations that keep people’s lives moving forward when it matters most. Learn more about CCC at www.cccis.com.
About Verisk
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, ESG and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.
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