Insurers across Singapore have joined forces as part of the General Insurance Association (GIA) to detect and disrupt fraud through collective data analysis and action.
GIA’s member insurers use Shift’s unique, AI-powered technology to analyze travel and motor claims in Singapore for fraud indicators. In 2017, 25 insurers established the data analytics initiative with GIA, recognizing the importance of collaboration in the fight against fraud. Fraud alerts are issued to GIA members, prompting joint investigations and decisive action against fraudsters.
Ho Kai Weng, CE of GIA:
“Singapore insurers recognize that fraud tackled in isolation only goes so far. Collaboration lets us take on cases that affect multiple insurers. Fraudulent claims can often look entirely genuine in isolation. By harnessing Shift’s fraud detection technology, our members can now identify connections between people, providers and claims - it’s a game changer in our collective fight against fraud.”
GIA is one of six insurance Associations around the globe working in partnership with Shift Technology - fighting fraud at an industry scale, across all product lines and at different stages of the policy lifecycle. Others include the UK’s Insurance Fraud Bureau, ALFA in France, CLHIA and Équité in Canada and HKFI in Hong Kong.
Download the full customer story to discover how GIA collaboration secured jail sentences for fraudsters using Shift Technology.
