Insurtech helps prevent fraud

The National Crime Insurance Bureau (NICB) has entered into a strategic partnership with fraud focused insurtech firm, Shift Technology. This agreement will see Shift customers able to access NICB data to further combat insurance fraud. Shift has an artificial intelligence claims fraud detection platform which will be integrated with NICB data. This data is compiled from member companies, including ACE Group, Zurich, Allianz and others, which will hopefully allow for an additional level of fraud detection. "Armed with the additional insight available via our NICB data, mutual Shift clients gain another advantage in the early detection and prevention of fraud, along with quicker and more effective investigations,” said Joe Wehrle, NICB President and chief executive. According to multiple sources, including the Federal Bureau of Investigation (FBI), and the Insurance Information Institute (III), fraud costs the insurance industry $80bn year, with property/casualty insurers suffering roughly $30bn to $40bn of that amount.

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