Direct Feed of TruLookUp Data to Shift Fraud Models Increases Insurers Claims Accuracy and Efficiency
Shift Technology, a provider of AI-powered decision automation and optimization solutions for the global insurance industry, announced the company has finalized a relationship agreement with TransUnion, a global information and insights company. As a result, insurers using TransUnion TruLookup attributes and data to support their risk management initiatives can also use that data to inform Shift Claims Fraud Detection models via a direct feed.
According to the Coalition Against Insurance Fraud, in the United States alone, some fraud is present in approximately 10% 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 more 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 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 can access that data directly without requiring additional integration work.
“Our relationship with Shift will enable our mutual customers to access 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 consumer experiences 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 a detailed rationale for all conclusions, allowing investigators to make fraud decisions quickly, accurately, and confidently.
“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 of Shift Technology. “TransUnion is well known for delivering quality data, which is exactly what we want, powering our award-winning fraud detection solution.”
