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FWD Group and Shift Technology, a provider of AI-based solutions for the insurance industry, are working together to implement a new claims assessment system.
In a statement, the companies announced that FWD Singapore is the first among FWD’s markets to deploy Force – a fraud detection solution that uses artificial intelligence to analyse multiple data sources. It generates a dynamically generated fraud score for each claim that indicates how suspicious the claim is, contributing factors, and how the claim could be investigated.
According to Shift, this will improve insurers' claims assessment capabilities by eliminating possible waste and fraudulent claims.
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“At FWD, we're committed to leveraging digital technology to make insurance simple, reliable and direct for our customers, and our collaboration with Shift Technology is a strong demonstration of our customer-led approach,” said Abhishek Bhatia, FWD Singapore CEO. “Working with Shift also gives us greater confidence in applying straight through processing to a larger number of claims, helping to shorten turnaround time for claim payment and ultimately improve the customer experience.”
“One of the biggest challenges to straight through processing is being able to know, with certainty, that a claim is meritorious,” added Jeremy Jawish, CEO and co-founder, Shift Technology. “Our approach to AI-driven fraud detection gives our partners, such as FWD, the 'go ahead' to implement their business strategies with confidence and ultimately deliver a phenomenal customer experience.”
