AI Case Study
MS & AD Insurance Group detects 2.5 times more fraudulent claims than industry average using machine learning
MS & AD Insurance Group, one of Japan's leading insurers, has implemented Shift Technology’s FORCE solution to classify claims based on the probability of the claim being fraudulent. Force's machine learning algorithms have so far achieved a hit rate of 80% and have helped speed up claims processing for vast majority of customers.
"Shift Technology’s FORCE is a solution designed to efficiently and effectively detect fraudulent insurance claims using advanced technologies, including artificial intelligence (AI).
The company anticipates that FORCE will significantly improve their capabilities in detecting insurance fraud, and make them the insurers of choice by clients looking for fair and speedy settlements of insurance claims."
According to Shift Technology:
* 2.5x better fraud identification rates versus the rest of the market
* 80% accuracy
"MS&AD Insurance Group is a insurance and financial services group composed of 5 insurers across life and non-life insurance businesses with Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance as core insurers."
"Over 100 MILLION P&C claims analysed"