Insurtech company Shift Technology has gone live with the Insurance Data Network (IDN), a collaborative platform enabling insurers to share claims data to improve fraud detection and risk prevention.
The network covers US auto and property claims across all 50 states, with participation from “four of the top five” US property and casualty (P&C) insurers.
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It offers comprehensive claims data and “related intelligence in real-time”, aiming to improve the performance of Shift products that customers are already using.
It also allows policyholders with a history of “suspicious behaviour” or “proven fraud” across various carriers to be identified.
Through the network, insurers can gain insights into a claimant’s interactions with insurers, helping to fast-track investigations.
IDN also aids in the detection of fraud and risk throughout the claims process by leveraging data-driven insights.
It employs data mapping and AI-powered entity resolution across carriers to generate insights and recommendations that are integrated into the insurer’s workflows.
Claim handlers can use IDN to identify cross-carrier patterns of suspicious and risky claim behaviour in both past and current claims.
Insurers can define and configure the relevance threshold for receiving loss history insights and information.
IDN aims to eliminate the need for manual searches, matching and analysis by transforming data into actionable insights.
Its members can retain ownership of their data and have full control over its usage, with assurances that member data is not sold to third parties, the Insurtech company said in a statement.
The network is also said to adhere to data security and privacy guidelines for safeguarding “sensitive” data.
Shift Technology CEO and co-founder Jeremy Jawish said: “IDN empowers insurers to get more value out of their data by providing a secure environment in which to share it and collaborate with other carriers. Gaining a more complete understanding of the forces impacting their business and the industry as a whole, and to do so quickly and efficiently, is an amazing value proposition and a new way to harness the power of shared data.”
Last November, Shift Technology became Guidewire’s partner for decisioning solutions in the insurance industry.
