Singapore’s General Insurance Trade Association conducts strategic expansion
to fraud attempts in travel insurance
BOSTON and PARIS, March 15, 2023 /PRNewswire/ — Shift Technology, a provider of AI-driven decision automation and optimization solutions to the global insurance industry, today announced that the General Insurance Association of Singapore (GIA) is expanding its use of Shift becomes Claims Fraud Detection on behalf of its member insurers. The strategic expansion builds on outstanding successes[1] of the GIA Fraud Management System (FMS) and supports travel insurance fraud. This comes at an opportune time as global travel is picking up to pre-pandemic levels.
Shift and the GIA have been working together to fight insurance fraud since 2017, when the Singapore-based trade association used Shift Claims Fraud Detection to identify suspicious auto and travel insurance claims. While the initial use case was more focused on auto insurance claims, notable success in both areas led to the decision to expand the solution’s use to detect other types of travel insurance fraud.
“Recent significant successes in detecting insurance fraud with FMS has resulted in the conviction of several insurance fraudsters. This planned expansion will allow us to maximize the potential of the travel engine and comes at an opportune time for the growth in global travel,” said Ho Kai Weng , Chief Executive, GIA. “Our collaboration with Shift provides us with an important opportunity to detect and manage fraudulent claims at scale. It also complements our industry’s existing fraud detection and management efforts.”
Shift is currently working with leading insurance associations around the world. The company’s AI-powered solutions empower these organizations to make better decisions in the fight against fraud. Shift believes that collaboration is key to improving individual insurers’ strategies by helping the industry detect and stop fraud more holistically.
“Fraud is not just a problem for individual insurers, it is a challenge for the entire insurance industry, which is why industry-level solutions like ours are so powerful,” said Jeremy Jawish, CEO and co-founder of Shift Technology. “Malicious actors are not limited to a single target, especially in the case of organized fraud networks. By providing associations like the GIA with a comprehensive view of what is happening with claims across their members, fraud detection and mitigation activities will scale exponentially for the benefit of all.”
About Shift Technology
Shift Technology delivers AI decision-making solutions to benefit the global insurance industry and its customers. Our products enable insurers to automate and streamline decisions from underwriting to claims, resulting in superior customer experiences, increased operational efficiencies and reduced costs. The future of insurance starts with Decisions Made Better. Learn more at www.shift-technology.com.
About GIA
Established in 1966, the General Insurance Association of Singapore (GIA) is the trade association of the general insurance industry, whose membership consists of ordinary members licensed by the Monetary Authority of Singapore (MAS) to conduct general insurance business in Singapore.
As a trade association, GIA works to make all aspects of insurance simpler and more effective for consumers, agents and insurance companies in Singapore. It helps identify new trends and responds to issues affecting the general insurance industry and seeks to promote the overall growth and development of the sector in Singapore. Visit www.gia.org.sg for more information.
Contacts:
Rob Morton
corporate communications
Shift Technology
+1.617.416.9216
[email protected]
Jessica Li
corporate communications
General Insurance Association of Singapore
+65 6202 9889
[email protected]
[1]Examples of successful travel insurance fraud convictions first detected by the GIA FMS
· Jail for woman who made bogus travel insurance claims in excess of S$14,000. Channel News Asia. https://www.channelnewsasia.com/singapore/fake-travel-insurance-claim-14000-woman-jail-2844321. Retrieved March 9, 2023
Singapore woman cheats SG$30,900 from 12 insurers. Insurance Business Asia. https://www.insurancebusinessmag.com/asia/news/breaking-news/singapore-woman-scams-sg30900-from-12-insurers-316967.aspx. Retrieved March 9, 2023.
SOURCE Shift technology
