PARIS and BOSTON and HAYWARDS HEATH, UK, February 23, 2021 / PRNewswire / – First Central Insurance and Technology Group, a leading provider of insurance and Shift technology, a provider of AI-based decision automation and optimization solutions for the global insurance industry, today announced that the insurer has gone live Shift claim fraud detection, one of the solutions that make up the recently introduced Shift Insurance Suite. First Central is now using the technology to better detect hidden fraud in its claims process. First Central also announced that it will soon be on the air Shift products that more effectively identify potential fraud at the time of application.
The insurer’s adoption of cutting-edge technology to reduce the impact of fraud, both in applications and in claims, is part of a general strategy to provide exceptional customer experiences for its policyholders. As an insurer founded on a ‘first customer’ approach, the ability to keep premiums accessible and make interactions with the company as simple and frictionless as possible is the key to its core values. The use of artificial intelligence and advanced data science, in support of the company’s anti-fraud initiatives, addresses both critical areas. For First Central, eliminating as much fraud as possible from both the claim and claims processes not only helps to keep premiums stable, but also adds significant efficiency to both processes.
Paul Priestley, Director of Anti-Fraud at First Central, explained: “Fraud cannot simply be seen as a cost of doing business and is not a victimless crime. We know the impact that fraud has on honest policyholders and we are implementing important initiatives in place to tackle the problem at every opportunity, such as this investment in Shift’s innovative technology. “
Through the use of Shift fraud detection solutions, First Central anticipates being able to identify a higher proportion of suspicious complaints, as well as potentially problematic policies during the application stage. In addition, the insurer believes it can reduce the time from the first claim notice (FNOL) to settlement, accurately identifying claims that can be fraudulent and quickly tracking those that are legitimate.
“We are incredibly proud to be an integral part of First Central’s anti-fraud strategy and to support these efforts in both complaints and claims processes,” he said. Jeremy Jawish, CEO and co-founder of Shift Technology. “A strong plan to combat insurance fraud, across the entire life cycle of the policy, offers tremendous benefits for both the insurer and the customer.”
About Shift Technology
Shift Technology offers the only native AI decision optimization and automation solutions, developed specifically for the global insurance industry. Addressing a number of critical processes throughout the life cycle of the insurance policy, the Shift Insurance Suite helps insurers to obtain faster and more accurate policy claims and resolutions. Shift has analyzed billions of insurance transactions to date and has received the 2020 Global Claims Solutions Award for Leadership in the Insurance Market from Frost & Sullivan. For more information please visit www.shift-technology.com.
About First Central
Launched in 2008, First Central Group is a leading group of companies offering insurance, underwriting, distribution, finance, technology and legal services.
Car insurance broker for the First Central Group, 1ST CENTRAL (the trade name of First Central Insurance Management Ltd) is firmly established as one of the top 10 suppliers in the UK engine aggregator market and appears prominently on the Insurance Times’ list of 50 brokers. It also receives frequent and coveted industry awards for innovation, products and customer satisfaction. This includes being named MoneyAge Insurance Provider of the Year for the fourth consecutive year in 2020 and earning the prestigious Servicemark award from the Institute of Customer Service. 1ST CENTRAL consistently maintains the high standards required to retain the ServiceMark award, which is granted for a period of three years and is subject to annual review.
First Central Group’s underwriter, Skyfire Insurance Company Ltd, uses state-of-the-art resources and data sources to assess risk at a granular level to provide competitive private auto insurance premiums.
The technological experience of the developers within the group allowed the creation of a tailored insurance platform, Focus, which is used by 1ST CENTRAL. This quickly established First Central Group as an innovative and highly qualified software development center.
The First Central Group employs around 800 employees at various locations, including Guernsey, Gibraltar, West Sussex, Manchester, and has contact center services based on Glasgow.
1st CENTRAL contact
020 3077 2000
SOURCE Shift Technology