Direct Feed of TruLookUp Data to Shift Fraud
Models Increases Insurers Claims Accuracy and Efficiency
BOSTON and PARIS, Oct. 11,
2023 /PRNewswire/ -- Shift Technology, a provider of
AI-powered decision automation and optimization solutions for the
global insurance industry, today announced the company has
finalized a relationship agreement with TransUnion (NYSE: TRU), a
global information and insights company. As a result, insurers
using TransUnion TruLookup™ attributes and data to support their
risk management initiatives can now also have that data used to
inform Shift Claims Fraud Detection models via a
direct feed.
According to the Coalition Against Insurance Fraud,
in the United States alone some
element of fraud is present in approximately 10
percent of all P&C insurance claims. This represents nearly
$310 billion in losses per year.
Artificial intelligence (AI) has proven effective in helping
insurers find hidden fraud in the claims process by
uncovering a greater number of suspicious claims, indicating the
factors that prompted the claim to be flagged, and highlighting the
most efficient means of investigation. However, it is well known
that AI requires significant amounts of data to be at its most
effective. Shift uses both an insurer's internal claims data as
well as data from third-party sources to inform its
fraud detection models. For carriers who subscribe to
TransUnion's TruLookup data, Shift is now able to access that data
directly without requiring additional integration work.
"Our relationship with Shift will enable our mutual customers to
have access to a more effective and efficient claims
fraud identification and investigation practice," said
Ernesto Castelnuovo, SVP and Head of
TransUnion's Specialized Risk Solutions. "In turn, they can deliver
great experiences for consumers in moments that matter."
TransUnion's TruLookUp attributes use a combination of public
records, personal identity information, and asset data, to help
insurers uncover and identify non-obvious, fraud
risks. Powered by TransUnion's fusion of over 10,000 public and
proprietary data sources, the newly released attributes help
carriers make impactful, cost effective and scalable improvements
to their performance. Shift Claims Fraud Detection is
a best-in-class, AI fraud-fighting solution. The
technology can detect claims fraud in real time or in
scheduled workflows with up to three times the accuracy when
compared to manual or rules-based implementations. Further, Shift
Claims Fraud Detection delivers transparent findings
to users with detailed rationale for all conclusions allowing
investigators to make fraud decisions with speed,
accuracy, and confidence.
"The relationship between Shift and TransUnion simply makes
sense and provides significant benefit to our customers'
fraud mitigation strategies," stated Jeremy Jawish, CEO and co-founder, Shift
Technology. "TransUnion is well known for delivering quality data
which is exactly what we want powering our award-winning
fraud detection solution."
About Shift Technology
Shift Technology delivers
AI-powered 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 TransUnion (NYSE: TRU)
TransUnion is a global
information and insights company with over 12,000 associates
operating in more than 30 countries. We make trust possible by
ensuring each person is reliably represented in the marketplace. We
do this with a Tru™ picture of each person: an actionable view of
consumers, stewarded with care. Through our acquisitions and
technology investments we have developed innovative solutions that
extend beyond our strong foundation in core credit into areas such
as marketing, fraud, risk and advanced analytics. As a
result, consumers and businesses can transact with confidence and
achieve great things. We call this Information for Good®
— and it leads to economic opportunity, great experiences and
personal empowerment for millions of people around the
world. http://www.transunion.com/business
Contacts:
Rob
Morton
Corporate Communications
Shift Technology
+1.617.416.9216
rob.morton@shift-technology.com
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SOURCE Shift Technology