PARIS and BOSTON and HAYWARDS HEATH, United Kingdom, Feb.
23, 2021 /PRNewswire/ -- First Central Insurance and
Technology Group, a leading provider of insurance services, and
Shift Technology, a provider of AI-driven decision automation and
optimization solutions for the global insurance industry, today
announced that the insurer has gone live on Shift Claims Fraud
Detection, one of the solutions comprising the recently introduced
Shift Insurance Suite. First Central is now using the
technology to better detect hidden fraud in its claims process.
First Central also announced it will soon be live on Shift products
which more effectively identify potential fraud at the time of
application.
The insurer's adoption of cutting-edge technology to reduce the
impact of fraud, both in Application and Claims, is part of an
overall strategy to deliver exceptional customer experiences to its
policyholders. As an insurance company founded on a 'customer
first' approach, the ability to maintain affordable premiums and
make interactions with the company as simple and frictionless as
possible is key to its core values. Using artificial intelligence
and advanced data science, in support of the company's
fraud-fighting initiatives, addresses both critical areas. For
First Central, eliminating as much fraud as possible, from both the
application and claims processes, not only helps to keep premiums
stable, but also adds significant efficiency to both processes.
Paul Priestley, Counter Fraud
Director at First Central, explained, "Fraud can't simply be looked
at as a cost of doing business, and it's not a victimless crime. We
know the impact that fraud has on honest policyholders and we're
putting important initiatives in place to tackle the problem at
every opportunity, such as this investment in Shift's innovative
technology."
Through its use of the Shift fraud detection solutions, First
Central anticipates being able to identify a greater proportion of
suspicious claims as well as potentially problematic policies
during the application stage. In addition, the insurer believes it
can reduce the time from first notice of loss (FNOL) to settlement
through accurately identifying those claims which may be fraudulent
and fast tracking those that are legitimate.
"We are incredibly proud to be an integral part of First
Central's fraud fighting strategy and to be supporting those
efforts in both the claims and application processes," stated
Jeremy Jawish, CEO and co–founder,
Shift Technology. "A strong plan to combat insurance fraud, across
the policy lifecycle, offers tremendous benefits to insurer and
customer alike."
About Shift Technology
Shift Technology delivers the
only AI-native decision automation and optimization solutions built
specifically for the global insurance industry. Addressing several
critical processes across the insurance policy lifecycle, the Shift
Insurance Suite helps insurers achieve faster, more accurate claims
and policy resolutions. Shift has analyzed billions of insurance
transactions to date and was presented Frost & Sullivan's 2020
Global Claims Solutions for Insurance Market Leadership Award. For
more information, please visit www.shift-technology.com.
About First Central
Launched in 2008, First Central
Group is a group of companies delivering market-leading insurance,
underwriting, distribution, finance, technology and legal
services.
First Central Group's motor insurance broker, 1ST
CENTRAL (the trading name of First Central Insurance Management
Ltd), is firmly established as a top 10 supplier in the UK motor
aggregator market and features prominently in the Insurance Times'
Top 50 brokers listing. It also receives frequent and coveted
industry awards for innovation, products and customer satisfaction.
This includes being named Insurance Provider of the Year by
MoneyAge for the fourth year running in 2020 and achieving the
prestigious Servicemark award from the Institute of Customer
Service. 1ST CENTRAL consistently maintains the high
standards required to retain the ServiceMark accolade, which is
awarded for a three-year term and is subject to annual review.
First Central Group's underwriter, Skyfire Insurance Company
Ltd, utilises state-of-the-art data sources and capabilities to
assess risk at a granular level in order to provide competitive
private motor insurance premiums.
The technological expertise of developers within the group
enabled the creation of a bespoke insurance platform, Focus, which
is used by 1ST CENTRAL. This has quickly established
First Central Group as a highly skilled and innovative software
development hub.
First Central Group employs around 800 employees across multiple
locations, including Guernsey,
Gibraltar, West Sussex, Manchester, and has contact centre
services based in Glasgow.
Contacts:
Rob
Morton
Corporate Communications
Shift Technology
+1.617.416.9216
rob.morton@shift-technology.com
1ST CENTRAL Contact
Michael
Hindmarsh
Account Director
Eulogy
michael.hindmarsh@eulogy.co.uk
020 3077 2000
View original content to download
multimedia:http://www.prnewswire.com/news-releases/first-central-goes-live-with-shift-insurance-suite-to-mitigate-fraud-in-application-and-claims-processes-301232912.html
SOURCE Shift Technology
