Shift Technology, a provider of artificial intelligence-based decision automation and optimisation solutions for the insurance industry, has renewed its collaboration with French insurer Direct Assurance.
Direct Assurance, a subsidiary of AXA Group, describes itself as the French leader in direct car insurance and also offers motorcycle, home and health insurance products.
Shift Technology delivers AI decisioning solutions to benefit the global insurance industry and its customers. Its products are designed to enable insurers to automate and optimise decisions from underwriting to claims, resulting in superior customer experiences, increased operational efficiency, and reduced costs.
Initiated in 2018 to fight auto insurance claims fraud, the partnership now extends its scope to cover home insurance claims.
According to Shift Technology, property and casualty insurance fraud costs the European economy €14bn annually, and €2.5bn in France alone. As such, insurers are looking for modern solutions which can more effectively identify and analyse suspicious claims. Working with Shift, Direct Assurance said it has opted for an innovative approach to this issue. Five years of successful collaboration analysing motor claims prompted the French leader in direct insurance to extend the use of Shift’s solutions to the challenge of mitigating fraud in home insurance claims.
Nicolas Vilhelmsen, head of claims business intelligence, Direct Assurance, said, “In order to identify suspicious claims, we chose to combine artificial intelligence with the know-how of our experts. The enormous amount of information to be processed makes verification and comparison operations extremely difficult.
“That’s why we used Shift. Since 2018, this collaboration has allowed us to gain ground on fraudsters in a considerable way. We are very excited to apply this solution to our home claims, which are an increasingly important part of our business.”
Last year, AXA Spain entered negotiations with Groupe des Assurance due Crédit Mutuel (GACM) to acquire the company in a bid to strengthen its property & casualty (P&C) and health presence in Spain.
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