Shift Technology, a provider of AI-driven decision automation and optimisation solutions for the global insurance industry, today announced The General Insurance Association of Singapore (GIA) will extend its use of Shift Claims Fraud Detection on behalf of its member insurers. The strategic expansion builds on prominent successes of the GIA Fraud Management System (FMS) and will support travel insurance fraud. This comes at a fitting time with global travel rising to pre-pandemic levels.
Shift and the GIA have been collaborating in the fight against insurance fraud since 2017 when the Singapore-based trade association deployed Shift Claims Fraud Detection to help identify suspicious motor and travel insurance claims. While the initial scope of deployment focused more on motor insurance claims, significant success in both areas led to the decision to broaden the solution’s use in detecting more types of travel insurance fraud.
“Recent significant successes in insurance fraud detection using FMS resulted in the conviction of multiple insurance fraudsters. This planned expansion allows us to maximise the potential of the travel module and comes at an opportune time of rising global travel,” said Ho Kai Weng, chief executive, GIA. “Our collaboration with Shift gives us an important way to detect and manage fraudulent claims at scale. It also augments our sector’s existing fraud detection and management efforts.”
