Shift Technology and TransUnion Cement Data Sharing Relationship

Rhea-AI Summary

Shift Technology partners with TransUnion to enhance fraud detection in insurance claims

Positive

• Insurers can now use TransUnion's TruLookUp data to inform Shift Claims Fraud Detection models, improving accuracy and efficiency in identifying fraudulent claims.
• AI-powered fraud detection technology by Shift can detect claims fraud with up to three times the accuracy of manual or rules-based methods.
• Approximately 10 percent of all P&C insurance claims in the US involve some element of fraud, resulting in losses of nearly $310 billion per year.

Negative

• None.

Direct Feed of TruLookUp Data to Shift Fraud Models Increases Insurers Claims Accuracy and Efficiency

BOSTON and PARIS, Oct. 11, 2023 /PRNewswire/ -- Shift Technology, a provider of AI-powered decision automation and optimization solutions for the global insurance industry, today announced the company has finalized a relationship agreement with TransUnion (NYSE: TRU), a global information and insights company. As a result, insurers using TransUnion TruLookup™ attributes and data to support their risk management initiatives can now also have that data used to inform Shift Claims Fraud Detection models via a direct feed.

According to the Coalition Against Insurance Fraud, in the United States alone some element of fraud is present in approximately 10 percent of all P&C insurance claims. This represents nearly $310 billion in losses per year. Artificial intelligence (AI) has proven effective in helping insurers find hidden fraud in the claims process by uncovering a greater number of suspicious claims, indicating the factors that prompted the claim to be flagged, and highlighting the most efficient means of investigation. However, it is well known that AI requires significant amounts of data to be at its most effective. Shift uses both an insurer's internal claims data as well as data from third-party sources to inform its fraud detection models. For carriers who subscribe to TransUnion's TruLookup data, Shift is now able to access that data directly without requiring additional integration work.

"Our relationship with Shift will enable our mutual customers to have access to a more effective and efficient claims fraud identification and investigation practice," said Ernesto Castelnuovo, SVP and Head of TransUnion's Specialized Risk Solutions. "In turn, they can deliver great experiences for consumers in moments that matter."

TransUnion's TruLookUp attributes use a combination of public records, personal identity information, and asset data, to help insurers uncover and identify non-obvious, fraud risks. Powered by TransUnion's fusion of over 10,000 public and proprietary data sources, the newly released attributes help carriers make impactful, cost effective and scalable improvements to their performance. Shift Claims Fraud Detection is a best-in-class, AI fraud-fighting solution. The technology can detect claims fraud in real time or in scheduled workflows with up to three times the accuracy when compared to manual or rules-based implementations. Further, Shift Claims Fraud Detection delivers transparent findings to users with detailed rationale for all conclusions allowing investigators to make fraud decisions with speed, accuracy, and confidence.

"The relationship between Shift and TransUnion simply makes sense and provides significant benefit to our customers' fraud mitigation strategies," stated Jeremy Jawish, CEO and co-founder, Shift Technology. "TransUnion is well known for delivering quality data which is exactly what we want powering our award-winning fraud detection solution."

About Shift Technology
Shift Technology delivers AI-powered decisioning solutions to benefit the global insurance industry and its customers. Our products enable insurers to automate and optimize decisions from underwriting to claims, resulting in superior customer experiences, increased operational efficiency, and reduced costs. The future of insurance starts with Decisions Made Better. Learn more at www.shift-technology.com.

About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company with over 12,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good^® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world. http://www.transunion.com/business

Contacts:
Rob Morton
Corporate Communications
Shift Technology
+1.617.416.9216
rob.morton@shift-technology.com

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SOURCE Shift Technology

FAQ

What is the partnership between Shift Technology and TransUnion about?

The partnership allows insurers to use TransUnion's TruLookUp data to inform Shift Claims Fraud Detection models.

How does AI help in fraud detection in insurance claims?

AI-powered technology by Shift can detect claims fraud with up to three times the accuracy of manual or rules-based methods.

What percentage of P&C insurance claims in the US involve fraud?

Approximately 10 percent of all P&C insurance claims in the US involve some element of fraud.

How much are the losses due to insurance fraud per year in the US?

The losses due to insurance fraud in the US amount to nearly $310 billion per year.