INSURANCE TECHNOLOGY

Elephant Insurance Selects Shift Technology to Improve Fraud Detection

Shift Technology, Elephant Insurance | December 15, 2020

Shift Technology, a provider of AI-native fraud detection and claims mechanization solutions for the global insurance industry, today announced Elephant Insurance selected the company to help improve fraud detection in the P&C insurer's claims process.

Well known for its customer-centric approach to insurance, Elephant is focused on ensuring consumers approach the best products and services available, at the correct cost, to deliver the protection they need. Recognizing that insurance fraud can impact all policyholders through higher premiums and a lengthier claims process, Elephant sought to strengthen its fraud detection capabilities. After careful evaluation of the technology available, Elephant selected the Shift Claims Fraud Detection solution. According to Elephant, Shift was selected because its artificial intelligence and data science expertise helps improve the detection of fraud earlier in the claims process to maintain a strategic distance from issuing payments on fraudulent claims and provides agents with important tools for investigations.

"Insurance fraud is a cost we all bear. Naturally, we want to do our best to reduce fraud, making it possible to offer our customers the lowest price possible," explained Rhys Pearce, Head of Claims at Elephant Insurance. "With Shift, we have found an industry-proven technology that gives us an efficient, effective means of uncovering hidden fraud to the benefit of all our policyholders."

Notwithstanding its own evaluation of the Shift solution, Elephant was impressed with the technology's performance at two of the insurer's sister companies in Europe, L'olivier and Admiral Spanish Operation. It was shown that Shift's data scientists can effectively use historical claims data to build models exceptional to Elephant which will aid its agents in flagging potential fraud significantly earlier in their audit process. These capabilities represent important cost efficiencies that Elephant can pass on to customers as lower rates.

"It is incredibly gratifying to work with insurers like Elephant who understand that the ability to spot potential fraud, as early as possible, has an incredibly beneficial impact on the claims process overall," explained Jeremy Jawish, CEO and co–founder, Shift Technology. "Effective fraud detection is a very powerful tool in support of delivering phenomenal customer experiences."

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 billions of claims to date and was presented Frost & Sullivan's 2020 Global Claims Solutions for Insurance Market Leadership Award.

Spotlight

How is Artificial Intelligence Transforming the Insurance Industry? Pamela Negosanti, Expert System’s Global VP of Insurance, will explain the profound revolution that the Insurance sector is experiencing today, and how the power of AI can transform the industry through automation to accelerate underwriting, claims management, property risk grading, and so much more.

Spotlight

How is Artificial Intelligence Transforming the Insurance Industry? Pamela Negosanti, Expert System’s Global VP of Insurance, will explain the profound revolution that the Insurance sector is experiencing today, and how the power of AI can transform the industry through automation to accelerate underwriting, claims management, property risk grading, and so much more.

Related News

INSURANCE TECHNOLOGY

PolicyMe Launches New Critical Illness Insurance Offering the Most Covered Conditions in Canada for Adults

PolicyMe | November 08, 2022

Toronto-based Insurtech PolicyMe announces the launch of a new Critical Illness Insurance product that offers the most complete coverage in Canada. In partnership with and underwritten by Canadian Premier Life Insurance Company (“Canadian Premier”), this new product covers 44 conditions—10-15 more than the average Canadian insurer. This launch follows PolicyMe’s Series A announcement and will complement their existing core Term Life Insurance offering, enabling Canadians to gain accessible, affordable, and comprehensive financial protection across a wider range of health and life events. With 42% of Canadian parents having one month or less of expenses in emergency savings, PolicyMe’s Critical Illness Insurance product provides Canadian families with the financial protection to withstand lost income or unforeseen medical expenses due to a critical illness. “Having personally battled cancer years ago, I know first-hand how stressful a critical illness diagnosis can be, By offering Critical Illness Insurance, we hope that we’re able to remove the financial stress of a diagnosis so our customers can focus on what’s most important: their recovery.” -Jeff McKay, Co-Founder & CTO of PolicyMe How PolicyMe is building a better Critical Illness Insurance product Since launching PolicyMe Term Life Insurance in March 2021, there has been consistent interest from customers about the possibility of bundling Critical Illness coverage into their Life Insurance policies. PolicyMe’s research shows that over 60% of customers believed that Critical Illness Insurance would be a valuable product to own; however awareness and knowledge around the product remained low amongst Canadians. Guided by their mission of building simpler and more affordable insurance products for Canadian families, the PolicyMe team set out to better understand the Critical Illness Insurance needs of Canadians and identify opportunities where they could use their technology to improve the product and experience for customers. From our many conversations with customers, it was clear that the majority preferred a plan that maximized coverage for more illnesses. There are plans out there that only cover the three major illnesses Canadians experience—cancer, strokes, and heart attacks. But those aren’t the only illnesses that affect people financially. We made sure to cover every serious medical condition we could that can cause hardship. The result is a much lower probability that someone suffers an illness and doesn’t get the financial resources they need, and a lower chance that someone thinks they’re insured for something when they really aren’t, states Andrew Ostro, Co-Founder & CEO of PolicyMe. How PolicyMe is bringing more critical illness coverage to Canadians PolicyMe offers the most complete Critical Illness coverage in Canada for adults, covering 44 conditions (27 critical conditions and 17 early stage conditions). Given the prevalence of cancer and cardiovascular conditions in Canada, PolicyMe has incorporated coverage for more early-stage cancers and cardiovascular conditions than any insurer in the country, without sacrificing affordability. Keeping with PolicyMe’s simplified approach to technology, new customers can apply for life insurance and be underwritten for critical illness insurance through one single and concise application. We wanted to ensure that comprehensive coverage is affordable and accessible to Canadian families who are already juggling the demands of rising living costs, By removing inefficiencies from the traditional insurance model, we continue to work towards our goal of providing low-priced, high-value products with extensive coverage,said Ostro. Critical Illness Insurance is the first new product launch of many as PolicyMe kicks off its product expansion post Series A, delivering accessible insurance to help Canadian families financially withstand a broader range of unexpected life events. As PolicyMe continues to build its vision of being there for every family when life unexpectedly changes, Critical Illness Insurance enables the company to provide not only death benefits, but also living benefits to policyholders. We’ve received overwhelming demand from both customers and industry partners to expand our portfolio of high-quality, digital-first insurance products that deliver on our promise of value and simplicity, Over the next 12 months, we’ll be accelerating product development in the health and dental space, and will be rapidly scaling our in-house capabilities to do so,says Ostro. About PolicyMe PolicyMe is a Canadian digital life insurance solution built to make financial protection for families simple and affordable. PolicyMe makes it easy to get a quote and apply for term life insurance and critical illness insurance online in 20 minutes or less. Using technology, they've streamlined the traditional insurance process resulting in a fully-underwritten insurance policy that delivers the same quality protection customers deserve but with fewer steps and lower costs.

Read More

CORE INSURANCE

CoverEase Partners With Beam Benefits

CoverEase and Beam Benefits | October 07, 2022

CoverEase, a digital insurance broker, announced today a partnership with the digitally-native employee benefits provider, Beam Benefits, via the addition of Beam's dental and vision products to their digital platform. CoverEase is the first company in the United States to offer businesses the ability to get instant online dental and vision quotes for their employees. The new integration adds Beam's dental and vision options to the company's marketplace which quotes workers' compensation, business liability and property, cyber liability insurance, group health insurance and term life insurance for up to $2 million in coverage. CoverEase CEO Shawn Edgington shared her excitement for the future of CoverEase with the incorporation of Beam, As our platform evolves and expands with additions like Beam Benefits, we're able to accelerate innovation, reduce costs, and save business owners time and money. "Beam is thrilled to partner with CoverEase, a proven leader in the employee benefits ecosystem, Through our integration, businesses using CoverEase can access dynamic & transparent dental and vision benefit pricing. We are excited about the technology enabling this partnership, and look forward to working further with CoverEase and their customers." -Alex Frommeyer, Co-founder and CEO of Beam Benefits CoverEase uses decades of best practices research, plus today's most advanced InsurTech to un-complicate the complicated. This approach results in a lightning fast, easy and awesome way to shop, compare, and buy business insurance and employee benefits. About CoverEase: CoverEase, a digital insurance broker, has reinvented the way businesses shop, purchase, and save on the insurance products that businesses need most. CoverEase utilizes an online "Amazon-like" shopping experience with unmatched quotes from the best insurance brands in the country. CoverEase, headquartered in Livermore, California, with offices in New York, is WBENC certified and led by CEO Shawn Marie Edgington. About Beam Benefits: Beam Benefits is a digitally-native employee benefits company that offers dental, vision, life, disability, and supplemental health coverage for employers of all sizes. The company simplifies and modernizes the $100+ billion ancillary benefits industry through its intuitive online platform, self-service tools, AI-powered underwriting, and thoughtful coverage for improved overall wellness. Its Beam Perks™ program* offers incentives to members and rewards them for healthy behaviors. Beam has raised over $160 million in funding and is available in 44 states across the U.S.

Read More

CORE INSURANCE,INSURANCE TECHNOLOGY

Inszone Insurance Services Completes Acquisition of Kirsch Insurance Group

Inszone | December 05, 2022

Inszone Insurance Services, a rapidly growing, national provider of benefits, personal and commercial lines insurance, announced today the acquisition of Kirsch Insurance Group. Marlin Kirsch founded Kirsch Insurance Group in 2004. A Denver-based brokerage that specializes in Medicare Health Plans, Kirsch Insurance has focused on helping their clients in finding the best program for their specific needs. Their comprehensive grasp of all Medicare Plans and Options has helped them to assist clients in being better prepared for the future. “After years in the company, we've acquired a reputation for educating consumers in an easy-to-understand manner, so they can readily grasp the frequently perplexing concepts of the 'Medicare Maze’,” - Marlin Kirsch, the agency's prior owner The service that Kirsch Insurance clients are accustomed to will continue uninterrupted under the Inszone Insurance brand. Chris Walters, CEO of Inszone Insurance, said, Colorado has been a great source of growth for us; the acquisition of Kirsch Insurance is another milestone in our expansion in the state as we move toward our goal of establishing Inszone as Colorado's go-to insurance agency. The acquisition of Kirsch Insurance is part of the continued expansion and growth by Inszone Insurance and becomes the 9th acquisition so far in the Colorado area. Inszone Insurance is expected to announce several acquisitions as well as new locations in the upcoming months. About Inszone: Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm which provides a broad array of property & casualty insurance, along with employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically, as well as through acquisitions. With 33 locations across California, Arizona, Nevada, Utah, Colorado, Missouri, Texas and Illinois, the company is looking to further expand throughout the United States.

Read More