IDN offers an action Fraud and risk information based on shared insurer data
BOSTON And PARIS,, April 2, 2025 / Prnewswire / – Shift technologyA supplier of decision -making optimization solutions fed by AI for the World Insurance Industry, has today introduced the Insurance data network (IDN). The network allows members to benefit from industry -scale intelligence made possible thanks to the collaborative exchange of complaints and related data. By participating, insurers acquire precious ideas and analyzes to improve fraud Detection and risk prevention throughout the life cycle of complaints.
IDN quickly acquired acceptance within the industry and is now live and operational. Four of the five main American property insurers and victims (P&C) are members who contribute, among others. The network includes a substantial majority of American automotive and real estate complaints in the 50 states, and its complaint volume increases rapidly. In just the first months, members have already identified millions of dollars in new fraud diagrams thanks to the advanced IDN fraud and risk detection capacities.
IDN offers important advantages compared to inherited data sharing models. First, IDN members retain full ownership and control of their data, ensuring that it is never sold to members or sold to third parties. Compared to traditional systems, the IDN also provides a more complete set of related complaint and intelligence data in real time, offering a deeper context for fraud Risk detection and evaluation. Finally, the products powered by Shift AI are intrinsically designed to take advantage of various data sources. IDN intelligence improves the performance of Shift Products products that customers are already using.
“The IDN allows insurers to obtain more value of their data by providing a secure environment in which to share it and collaborate with other carriers,” said Jeremy JawishCEO and co-founder, Shift Technology. “Winning a more complete understanding of the forces that have an impact on their business and the industry as a whole, and to do it quickly and efficiently, is an incredible value proposal and a new way to exploit the power of shared data.”
According to the Coalition against insurance Fraudinsurers record almost 122 billion dollars as P & C insurance losses each year due to fraudWith around 10% of complaints with signs of fraudulent activity. In this landscape, where fraud Rings or providers affect several insurers, it is essential to gain greater visibility on these entities. The first results of the IDN indicate that when the data from the cross -transporters are analyzed, identified fraud The networks have, on average, tripled in size.
Participation in IDN provides insurers with a precious overview of complaints on an industrial or specific basis in the region. This information can discover insured people who have history of suspicious or proven behavior fraud on several carriers. By understanding the interactions of a applicant with various insurers, IDN members can accelerate surveys and get better results.
“Insurers are continuously working to stay ahead of fraudsters because they recognize that their fraudulent activities extend beyond the scope of a single insurance company,” said Karlyn CarnahanCPCU, insurance manager, North AmericaCelent. “Until recently, insurers had limited tools to understand the behavior of fraudsters beyond their own experiences. However, with this new ability to acquire visibility, to analyze and extract information from the experiences shared in the industry, insurers have now regained control and power to fight against fights fraud. “”
IDN improves fraud and risk detection throughout the complaint process. For example, when a complaint includes protection against bodily injuries and body injuries (PIP / BI), it can considerably increase costs and risks for insurers. Consequently, the ability to quickly and precisely assess the impact of these complaints is crucial for effective management.
Currently, complaint managers are often faced with the intimidating task of examining extended request packages and manually analyzing numerous pages of complaint data to identify any relevant or usable information. IDN membership allows insurers to automate this process. By taking advantage of data -based information, insurers can quickly determine whether current or past PIP / BI complaints involve providers – whether medical or legal – which are on the insurer’s internal surveillance list or have been sanctioned or suspended. This allows claims to be accelerated to the special surveys (SIU) or to refer to medical management for a more in -depth examination.
IDN provides members with precise, usable, automated and secure information derived from shared insurer data. IDN membership is designed to improve fraud Detection and complaint management strategies, offering several key advantages, in particular:
- Specific ideas on data: Thanks to the mapping of detailed data and a resolution of entities fueled by AI between operators, the IDN generates very precise information and recommendations integrated in the workflows and user interfaces of the insurer.
- More advanced Fraud and risk detection: By taking advantage of shared data, IDN improves fraud and risk detection capacities. This collaboration helps to discover fraud Schemes and networks that affect the entire industry, leading to more effective prevention and response strategies.
- Intelligence of the history of the exploitable complaint: IDN allows complaint managers to quickly identify the models of cross -bearing bearers of suspicious and risky behavior in past and current complaints. Insurers can define and configure the relevance threshold to receive information and information on loss history, ensuring that they receive the most relevant intelligence for their needs.
- Proactive automation, context and explanability: IDN proactively and automatically transforms data into usable information, providing results directly to users. This eliminates the need for manual research, corresponding and analysis, rationalization of the complaint process and improving efficiency.
- Data property: IDN members keep the ownership of their data and have total control over its use. Members’ data is not sold to third parties.
- Data security and confidentiality: IDN members’ data is saved by data security and advanced confidentiality protocols. These protocols include strict compliance with the established data and confidentiality security guidelines, ensuring the protection of sensitive information.
“The insurance sector has long known that the data and ideas it can provide are very precious and essential to long -term success,” Jawish continued. “With the launch of the IDN, insurers change the way they benefit from their own data. The possibility of using shared data from new ways, better understand what is happening in the industry and ensuring that knowledge and information at hand is incredibly precious.”
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Shift Technology provides decision -making solutions fueled by AI for the benefit of the global insurance industry and its customers. Our products allow the main insurers of the world to improve combined ratios by optimizing and automating critical decisions throughout the life cycle of politics. Speeding solutions help mitigate fraud And risk, increase operational efficiency and offer higher customer experiences. Learn more about www.shift-technology.com.
Contacts:
Rob Morton
Corporate communications
Shift technology
+1.617.416.9216
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