GIA has extended the use of Shift’s AI-powered Claims Fraud Detection solution on behalf of its members, building on the ‘prominent successes’ of the GIA Fraud Management System (FMS).
The solution will support travel insurance fraud detection, and comes at a time when international travel from Singapore has been growing to near pre-pandemic levels.
“Recent, significant successes in insurance fraud detection using FMS resulted in the conviction of multiple insurance fraudsters,” said Ho Kai Weng, Chief Executive at GIA. “This planned expansion allows us to maximise the potential of the travel module and comes at an opportune time of rising global travel. 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.”
GIA has collaborated with Shift since 2017, when the association first deployed the Shift Claims Fraud Detection system. While the initial scope of deployment focused primarily on motor insurance, with travel insurance as an afterthought – the success achieved in the latter sector led to GIA choosing to broaden the solution’s use in this field.
“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,” said 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.”
Shift entered a similar partnership with the UK’s Insurance Fraud Bureau (IFB) in October 2022.