The Indonesian subsidiary of Tokio Marine has implemented anti-fraud technology based on artificial intelligence (AI). The ‘Force’ solution, provided by French company Shift Technology, will allow PT Asuransi Tokio Marine Indonesia to enhance its fraud prevention abilities and “become a crucial element in the insurance carrier’s overarching fraud prevention strategy”.
One of the largest general insurers in the country, Tokio Marine Indonesia said it was seeking an AI anti-fraud solution that could not only spot suspicious claims, but also help give claims professionals more confidence in rapidly processing legitimate claims. According to Shift, its Force solution will benefit the majority of policyholders by ensuring that their claims are settled quickly while premiums remain affordable.
“Through our work with Shift, we believe we can implement a fraud fighting strategy that is as much about supporting our trustworthy customers as it is about identifying potentially fraudulent activities,” said Saloon Tham, Chief Executive Officer of Tokio Marine Asia. “We are all aware that fraud negatively impacts the customer experience by lengthening the claims process and influencing rates. Adding powerful tools to help mitigate the risk of fraud is 100 per cent in line with our corporate mission and values.”
“The current continuation of uncertainty requires an insurance company to take the full advantage of fraud detection technology in order to control costs and manage risks,” said Sancoyo Setiabudi, President Director of Tokio Marine Indonesia. “Incorporating artificial intelligence into our claims handling process is significantly essential in ensuring the accuracy of claims settlement, thus improving the overall claims ratio, and achieving a high level of customer satisfaction and trust.”
After evaluation of the fraud detection solutions available, Shift said it was selected based on its ability to meet the full requirements of Tokio Marine Indonesia’s fraud detection and claims process improvement initiatives. In addition to wanting a solution built with artificial intelligence at its core, the insurer was also looking for a provider which could supplement the technology with a team of data scientists possessing in-depth insurance knowledge and expertise. Shift says its singular focus on the insurance industry and ability to apply local expertise to address Indonesia’s insurance market was also key to the insurer’s decision.
“We’ve always believed that fraud detection is only part of the equation and that the ability to accurately and efficiently separate suspicious claims from legitimate ones is an important part of delivering exemplary customer experiences,” said Jeremy Jawish, CEO and co-founder of Shift Technology. “We’re proud to be partnering with an insurer like Tokio Marine Indonesia that holds these same principles.”
Shift says it delivers the only AI-native fraud detection and claims automation solutions built specifically for the global insurance industry, with SaaS solutions that identify individual and network fraud with “double the accuracy of competing offerings”, while providing contextual guidance to help insurers achieve faster, more accurate claim resolutions.