According to car insurance fraud barometer, six out of 100 car insurance claims in Spain are fraudulent.
"In Spain, new fraud scenarios pop up every week and it is imperative that a fraud detection solution is continuously updated to include the latest fraud trends. To facilitate this, a fraud detection solution needs agility and flexibility, combined with a highly responsive team. Agility and flexibility are inherent in FORCETM since it is offered as a SaaS+ solution. " Better detection of fraudulent claims is facilitated by Shift Technology''s new platform and has proven successful with Spanish insurer - Direct Line Group. Each claim is assessed and alerts are sent if deemed suspicious with the platform constantly learning and updating. Within 6 months more than 1000 fraudulent claims were flagged by the system.
According to the company: * Over 1,000 FORCETM driven alerts have already been proven fraudulent by the Spanish fraud detection unit, with better conversion rate * 75% hit rate