FWD Group has teamed up with AI-powered solution provider Shift Technology to implement its fraud detection platform FORCE, to avoid bogus claims processing.
The implementation of FORCE, according to the technology vender, will enable the insurer to evaluate numerous data sources simultaneously to boost genuine claims processing.
Powered by AI and data science, Shift’s Force recognises potentially fraudulent claims. Subsequently, it uses a dynamically generated fraud score for each claim that shows the degree of suspiciousness of the claim and whether it should be probed.
These scores are applied to the FWD’s claims which reduce the possibility of fraud, waste, and abuse, without hampering the speedy settlement of genuine claimants.
FWD Singapore CEO Abhishek Bhatia said: “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.
“Working with Shift also gives us greater confidence in applying straight-through processing to a larger number of claims, helping to shorten the turnaround time for claim payment and ultimately improve the customer experience.”
Shift Technology CEO and co-founder Jeremy Jawish said: “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.”
In July, FWD Singapore selected Pacific Life Re’s solution to assess risks on policy applications in real-time and improve underwriting decisions.