AI Case Study
Direct Line Insurance uses machine learning to automatically flag fraudulent claims in automotive section with 75% hit rate
Direct Line Group, a Spanish insurance company, is using Shift Technology's Force platform to better detect fraudulent claims. Assessing the claims, the platform alerts human analysts if it identifies patterns of fraud in the claim. The system flags 1000s of claims every year. Automating the process has sped up claim processing time for all customers.
Industry
Financial Services
Insurance
Project Overview
"In Spain, new fraud scenarios pop up every week and it is imperative that a fraud detection solution is continuously updated to include the latest fraud trends. To facilitate this, a fraud detection solution needs agility and flexibility, combined with a highly responsive team. Agility and flexibility are inherent in FORCETM since it is offered as a SaaS+ solution. "
Better detection of fraudulent claims is facilitated by Shift Technology's new platform and has proven successful with Spanish insurer - Direct Line Group. Each claim is assessed and alerts are sent if deemed suspicious with the platform constantly learning and updating. Within 6 months more than 1000 fraudulent claims were flagged by the system.
Reported Results
According to the company:
* Over 1,000 FORCETM driven alerts have already been proven fraudulent by the Spanish fraud detection unit, with better conversion rate
* 75% hit rate
Technology
Function
Risk
Audit
Background
According to car insurance fraud barometer, six out of 100 car insurance claims in Spain are fraudulent.
Benefits
Cost - Fraud reduction
Data