Singapore’s General Insurance Trade Association Carries out Strategic Expansion on Travel Insurance Fraud Efforts
BOSTON & PARIS, March 15, 2023 – Shift Technology, a provider of AI-driven decision automation and optimization 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[1] 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.”
Shift is currently working with leading insurance associations around the world. The company’s AI-powered solutions empower these organizations to make better decisions in the fight against fraud. Shift believes that collaboration is the key to augmenting individual insurer’s strategies by helping the industry detect and disrupt fraud more holistically.
“Fraud is not simply a problem for individual insurers, but rather a challenge for the entire insurance industry, which is why industry-level solutions like ours are so impactful,” explained Jeremy Jawish, CEO and co-founder, Shift Technology. “Bad actors do not limit themselves to a single target, especially in the case of organized fraud networks. By providing associations like the GIA with a comprehensive view of what’s happening with claims across their membership, fraud detection and mitigation activities are scaled exponentially, to the benefit of all.”
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About Shift Technology
Shift Technology delivers AI decisioning solutions to benefit the global insurance industry and its customers. Our products enable insurers to automate and optimize decisions from underwriting to claims, resulting in superior customer experiences, increased operational efficiency, and reduced costs. The future of insurance starts with Decisions Made Better. Learn more at www.shift-technology.com.
About GIA
Established in 1966, the General Insurance Association of Singapore (GIA) is the general insurance industry’s trade association whose membership comprises Ordinary Members licensed by the Monetary Authority of Singapore (MAS) to transact general insurance business in Singapore.
As a trade association, GIA works to make all aspects of insurance easier and more effective for consumers, agents and insurance companies in Singapore. It helps identify emerging trends and responds to issues affecting the general insurance industry and seeks to promote the overall growth and development of the sector in Singapore. For more information, please visit www.gia.org.sg.
Contacts:
Rob Morton
Corporate Communications
Shift Technology
+1.617.416.9216
rob.morton@shift-technology.com
Jessica Li
Corporate Communications
General Insurance Association of Singapore
+65 6202 9889
jessica.li@gia.org.sg
[1]Examples of successful convictions of travel insurance fraud cases first detected through the GIA FMS
- Jail for woman who made fake travel insurance claims of more than S$14,000. Channel News Asia. https://www.channelnewsasia.com/singapore/fake-travel-insurance-claim-14000-woman-jail-2844321. Retrieved on 9 March 2023
- Singapore woman scams SG$30,900 from 12 insurers. Insurance Business Asia. https://www.insurancebusinessmag.com/asia/news/breaking-news/singapore-woman-scams-sg30900-from-12-insurers-316967.aspx. Retrieved on 9 March 2023.
