CAC Specialty provides financing to clients facing coronavirus-related liquidity pressure

CAC Specialty | March 20, 2020

CAC Specialty has entered into a strategic partnership with funds managed by affiliates of Fortress Investment Group. The strategic relationship allows CAC Specialty to help with the capital needs of its clients with their acquisitions, recapitalizations, growth capital and other financing transactions. Fortress is ready to offer short-term financing for CAC clients experiencing liquidity pressure due to both the direct and indirect impact of the COVID-19 pandemic. “During this challenging time, we are confident in our ability to help our clients solve problems,” commented CAC Specialty and Cobbs Allen president Bruce Denson Jr. “Our relationship with Fortress gives us significant tools to help our clients weather this storm.”

Spotlight

Knowing what to expect when you apply for life insurance can help make the process simpler and easier. In just a few minutes, this video can help you better understand the process and what you'll need to have on hand when you get started.

Spotlight

Knowing what to expect when you apply for life insurance can help make the process simpler and easier. In just a few minutes, this video can help you better understand the process and what you'll need to have on hand when you get started.

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Ascend | March 31, 2022

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INSURANCE TECHNOLOGY

Luko Selects Shift Technology to Fight Against Fraud

Luko, Shift Technology | November 25, 2020

Shift Technology, a supplier of AI-native fraud detection and claims automation solutions for the global insurance industry today reported its fraud detection technology has been chosen by computerized native neo-insurance company Luko. Since its launch in May 2018, Luko has been forging another way in the realm of property holders insurance. This spearheading new insurance company utilizes patented technology which predicts which claims might be recorded (water harm, fire, and so forth) and persuades policyholders to receive best practices regarding counteraction. In situations where claims can't be evaded, Luko depends on technology to abbreviate the claims cycle and furnish its clients with a model client experience. Guaranteeing that claims are real is a basic segment of guaranteeing a quick, effective, and precise claims measure. Nonetheless, Luko's market achievement and fast development uncovered that the current systems used to recognize potential fraudulent claims basically couldn't keep up. Subsequently, Luko went to Shift Technology and its honor winning AI-based insurance fraud detection arrangement. "The insurance sector is the target of numerous attempts at fraud, whether opportunistic or resulting from organized crime networks," explained Raphaël Vullierme, co-founder of Luko. "It was therefore essential that we continue to reinforce our processes and technologies in terms of fraud detection, so as to quickly identify potentially illegitimate claims." Notwithstanding the fraud detection technology offered by Shift, Luko is upheld by the profound insurance industry experience and experience of its information science groups. This solid mix of individuals and technology help to guarantee Luko is continually remaining side by side of the most recent fraud patterns and plans. "We have always considered the fight against fraud to be a critical topic for insurers," stated Jeremy Jawish, CEO and co-founder, Shift Technology. "Not only does effective fraud fighting reduce undeserved indemnity pay-outs and dismantle fraud networks, but also supports the digital transformation of the customer journey." About Shift Technology Shift Technology delivers the only AI-native fraud detection and claims automation solutions built specifically for the global insurance industry. Our SaaS solutions identify individual and network fraud with double the accuracy of competing offerings, and provide contextual guidance to help insurers achieve faster, more accurate claim resolutions. Shift has analyzed hundreds of millions of claims to date and was presented Frost & Sullivan's 2020 Global Claims Solutions for Insurance Market Leadership Award. About Luko Luko is reinventing home insurance, placing social responsibility and technology at the heart of its priorities. The company is now the first neo-insurance firm in France, with more than 100,000 policyholders, and the Insurtech with the strongest growth in Europe. More than a simple insurance contract, Luko's ambition is for insurance to change from a model activated as a reaction to a model based on prevention, using internally-developed technology. The co-founders Raphaël Vullierme, a serial entrepreneur, and Benoit Bourdel, have pooled their expertise to create a company with a specific, positive impact, recognized by Bcorp certification in July 2019.

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INSURANCE TECHNOLOGY

Shift Technology Automates and Optimizes Decision Making Across the Policy Lifecycle

Shift Technology | January 28, 2021

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With the declaration of the Shift Insurance Suite, the organization is expanding on its accomplishment in fraud detection and claims automation with the presentation of new products focusing on extra cycles in claims and across the approach lifecycle. To help workers all the more rapidly and precisely recognize openings for subrogation, the organization is presently offering Shift Subrogation Detection. Outside of claims, Shift Underwriting Fraud Detection is intended to give basic data valuable in concluding whether to give insurance inclusion to an individual or business. The organization's new Financial Crime Detection product underpins against illegal tax avoidance, worker fraud detection, and other consistence activities. Shift's products are explicitly intended to incorporate with, and increase the value of, existing center claims management systems. "Insurance is a business of decisions, and making the optimal decision can drive incredible benefits," explained Eric Sibony, chief scientific officer and co-founder, Shift Technology. "Through our work with some of the leading insurance companies in the world we have been able to demonstrate the exceptional power of AI to both optimize and fully automate some of the most important insurance decisions, driving significant value for carriers and their policyholders." To address the decision optimization and automation necessities of the global insurance industry, Shift has assembled its solutions around a powerful AI decision engine that can break down numerous sorts of structured and unstructured data given by the insurer, the insured, and/or external third parties. This may incorporate claims data, including claims handlers' notes, photos and other checked pictures, and unique reports, to give some examples. Shift has reliably exhibited its solutions beat decides based just methodologies that can't coordinate the precision and productivity given by insurance-explicit AI. At press time, the organization has insurers at different phases of sending for every one of its decision automatization and optimization products. The Shift Insurance Suite is comprised of: Shift Claims Fraud Detection: This award-winning technology is in use by more than 80 of the world's leading insurance companies including CSAA Insurance Group and MS & AD Insurance Group to name only a few. On top of the proven capability to detect fraud using data and documents, new capabilities introduced with the launch of the Shift Insurance Suite put the power of Shift's rich insurance data model, with all of the insurer's data denoised, reconstructed and linked together, in the hands of investigators. There is expanded support for the use of images and documents in the detection of fraud, as well as visual exploration of data using a network graph and the ability to search and browse through the complete data model. Shift Claims Automation: Available in two deployment models - Digital Journey and Augmented Adjustment - this solution uses AI to automate the claims process from FNOL through to final settlement. Digital Journey empowers policyholders directly, delivering a self-service claims experience - FNOL, tracking and settlement - with AI decision-making built in. The claims experience is customized to each insurer to match their claims process, handling policies and branding. Augmented Adjustment integrates AI-supported decision making directly into the Claims Management System, decreasing turnaround time and optimizing claims handlers' time during the claims process. Through its application of advanced OCR technology, Shift Claims Automation is particularly focused on removing the need for manual document review throughout the claims process. Shift Subrogation Detection: This new addition to the Shift Insurance Suite uses AI to quickly and accurately discover opportunities to recover costs from third parties. The technology not only finds those claims for which subrogation is possible but also generates actionable cases supported by concrete evidence. Shift Subrogation Detection improves on manual and simple rules-based subrogation identification processes by focusing on coverage (reviewing every single claim), consistency (checking against known subrogation scenarios) and precision (leveraging internal and external data, from police reports to recall lists, using AI). The result includes reduced claim loss and improved deductible recovery, while freeing the claims team to focus on resolving claims. Shift Underwriting Fraud Detection: Designed to optimize decision making at the point of sale, Shift Underwriting Fraud Detection applies AI to the policy underwriting process to detect inaccurate or non-compliant policies. Actionable alerts help to minimize fraudulent policies, avoid undesired risks, and assign appropriate premiums. Shift Underwriting Fraud Detection leverages Shift's rich data model, sophisticated data analysis and deep insurance expertise to give the Underwriting team a complete view of the policy, policyholder and risk while highlighting anomalies. First Central has adopted Shift Underwriting Fraud Detection to support the carrier's auto line of business. Shift Financial Crime Detection: Insurance is a critical part of the financial system, resulting in significant scrutiny from regulators. Shift Financial Crime detection enables insurers to better understand the status of all participants in its ecosystem, including employees, to identify and investigate potential criminal behavior, including money laundering. Shift Financial Crime Detection addresses these challenges for insurers, who have little transaction data to rely upon, by making maximal use of internal and external data about all participants in the insurance process. Used together with Shift's fraud solutions, Shift Financial Crime Detection enables insurers to build an overall picture of - and response to - risk from bad actors across their business. About Shift Technology Shift Technology delivers the only AI-native decision automation and optimization solutions built specifically for the global insurance industry. Addressing several critical processes across the insurance policy lifecycle, the Shift Insurance Suite helps insurers achieve faster, more accurate claims and policy resolutions. Shift has analyzed billions of insurance transactions to date and was presented Frost & Sullivan's 2020 Global Claims Solutions for Insurance Market Leadership Award.

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