Elephant Insurance to Work with Shift Technology to Detect Fraud
RICHMOND, VA (December 15, 2020) — Elephant Insurance today announced they will engage Shift Technology, a provider of AI-native fraud detection and claims automation solutions for the insurance industry, to help improve fraud detection in their claims process.
Recognizing that insurance fraud can impact all policyholders through higher premiums and a lengthier claims process, Elephant aims to strengthen its fraud detection capabilities. After careful evaluation of the technology available, Elephant selected the Shift Claims Fraud Detection solution. Shift uses artificial intelligence and data science to help improve the detection of fraud earlier in the claims process to avoid issuing payments on fraudulent claims and to provide 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.”
In addition to its own evaluation of the Shift solution, Elephant was impressed with the company’s performance at two of the insurer’s sister brands in Europe, L’olivier and Admiral Seguros. It was shown that Shift’s data scientists can effectively use historical claims data to build models unique to Elephant which will aid its agents in flagging potential fraud earlier in their review process. These capabilities represent important cost efficiencies that Elephant can pass on to customers in the form of lower rates.
“It is very 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 Elephant Insurance
Elephant is a consumer-focused car insurance company headquartered in Richmond, VA with the aim to put its customers at the center of all efforts. Elephant Insurance is a wholly-owned subsidiary of Admiral Group, plc., one of the U.K.’s leading insurers with a presence in eight countries and over 6 million customers worldwide. More information is available at www.elephant.com.
Article last updated on August 7th, 2023 at 3:08 pm