GIA to expand use of fraud-detection solution
The General Insurance Association of Singapore (GIA) will extend and expand its use of the Shift Claims Fraud Detection, an AI-powered anti-fraud insurance solution to continue to combat insurance scams. This expansion builds on the success of the GIA Fraud Management System (FMS) in a bid to support travel insurance fraud detection.
The AI-driven solution comes from Shift Technology, an insurtech that has been collaborating with GIA since 2017, starting when the Singapore-based trade association deployed the Shift Claims Fraud Detection to help identify suspicious motor and travel insurance claims. When it first deployed, the system focused more on motor insurance claims; however, significant successes in both areas led to the broadening of the solution’s use in detecting more types of travel insurance fraud.
“An opportune time of rising global travel”
GIA chief executive Ho Kai Weng said that its collaboration with Shift gives the association an important way to detect and manage fraudulent claims at scale.
“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,” he said.
In the same press release, Shift Technology CEO and co-founder Jeremy Jawish explained that bad actors looking to take advantage of insurers do not limit themselves to a single target, especially in the case of organized fraud networks.
“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,” Jaiwsh said. “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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