CNA Selects Shift Technology for AI-Driven Fraud Detection
Shift Technology, a provider of AI-native solutions for the global insurance industry, announced that it has entered into an agreement with CNA Financial Corporation, one of the largest commercial property and casualty insurance companies in the United States, to automate the carrier’s fraud detection capabilities. CNA is the first commercial insurer based in the United States to partner with Shift Technology to take advantage of FORCE, the company’s AI-native, SaaS-based fraud detection solution.
“CNA continues to focus on, and invest in, technology and analytics to advance claims,” said Rob Thomas, Senior Vice President of Claim Analytics, Finance and Operations for CNA’s Worldwide P&C Claim unit. “By partnering with Shift Technology, CNA will optimize its special investigations efforts by focusing on the most suspicious cases with pre-identified paths for investigation.”
FORCE uses advanced artificial intelligence (AI) and data science to not only detect potentially fraudulent claims but also provide contextual guidance for investigation and resolution. Unlike other technologies which rely heavily on the use of static business rules to identify those claims which may be non-meritorious, FORCE uses AI to analyze vast amounts of data from multiple sources. The result is a dynamically generated fraud score for each claim that indicates how suspicious the claim is, contributing factors, and how the claim could be investigated.
“Forward thinking insurers, like CNA, are consistently exploring how new technology can significantly improve the customer experience by making their processes more efficient,” stated Jeremy Jawish, CEO and co-founder, Shift Technology. “By delivering deep insight into the claims our clients are processing and making the connections that would otherwise not be made, we’re offering a powerful tool that is changing how potential fraud is identified and investigated.”