Shift Technology and Legentic have announced that the two companies have entered into a technology partnership.
With seamless integration between the two companies’ solutions, insurers who use Shift Claims Fraud Detection to mitigate fraud risk will have access to specialized data from Mohawk to power their models.
Using artificial intelligence (AI) to uncover potential fraud in the claims process is fast and efficient and generally presents claims professionals with fewer false positives. It is also well known that AI is more efficient when it exploits large amounts of high-quality data. The partnership between Legentic and Shift addresses this reality by making a new source of third-party data available for use in advanced fraud detection models.
“The power of AI to not only see what’s hidden in data, but to help make sense of it is incredibly compelling,” said Philip Van Waning, Partner and Channel Manager, Legentic. “By feeding the data available in our Mohawk solution to Shift’s fraud detection technology, we are giving claims professionals and investigators a powerful way to detect more potential fraud, with incredible accuracy, for the benefit of insurers and insurers. insured. »
Mohawk Data enables Shift users to access data that is no longer publicly available by transforming unstructured historical data from multiple sources into actionable insights. Mohawk also helps reduce claims processing time by limiting false positives. Shift Claims Fraud Detection is a best-in-class AI fraud solution that can detect potential claims fraud in real-time or in scheduled workflows and typically offers a detection rate of 3 times that of manual or rule-based implementations.
The solution also provides transparent results to users with detailed justification for all its findings, allowing investigators to make fraud decisions with speed, accuracy and confidence. Having Legentic’s Mohawk data to use in Shift’s models provides another compelling way to determine if a claim is suspicious and why.
“In the field of AI, data is king. Having access to the best combination of data means you can trust the results and be sure that you are making the best decision on what to do with a suspicious claim. “said Drew Whitmore, Global Head of Partnerships, Shift Technology. “What Legentic is doing with data, particularly in the area of social media selling, provides an exciting new way to help determine whether a claim is suspicious or legitimate.”