Elephant Insurance Expands Relationship with Shift Technology

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Nov 13, 2024, 06:30 ET

Strong ROI from Shift Underwriting Risk Detection and Shift Claims Fraud Detection Drives Decision to Deploy Shift Subrogation Detection

BOSTON and PARIS, Nov. 13, 2024 /PRNewswire/ -- Shift Technology, a provider of AI-powered decision optimization solutions for the global insurance industry, today announced that Elephant Insurance, a wholly owned US subsidiary of the Admiral Group, plc, a FTSE 100 company and one of the U.K.'s leading insurers has expanded its relationship with the company. As a result, the insurer will deploy Shift Subrogation Detection to more efficiently uncover subrogation and recovery opportunities in the claims process. A Shift Claims Fraud Detection customer since 2020, Elephant adopted Shift Underwriting Risk Detection in 2021. To date in 2024, Shift solutions in use by Elephant have generated solid ROI for underwriting and claims fraud detection.

Elephant is widely recognized for its customer-centric approach to insurance. This ethos is at the heart of the insurer's fraud fighting initiatives, as well as claims process modernization efforts. In both underwriting and claims, Elephant views fraud detection as one of the best ways to ensure its policyholders are paying the lowest rates possible. Highly efficient fraud detection also allows the insurer to pay claims quickly and without unnecessary delay. Elephant's use of Shift's solutions during the underwriting process helps avoid premium leakage and future excessive claims while at the same time speeding up the approval process for legitimate applications. Based on the performance achieved with its other Shift solutions, the insurer has added subrogation detection to its insurance decisioning platform. Doing so ensures Elephant and its customers are paying only for the claims for which they are truly responsible.

"Shift is one of the most valuable service providers I have had the opportunity to work with in my 27-year career in insurance," reports Rhys Pearce, Elephant Head of Claims. "The Shift team truly cares about our success and does everything within their power to help us reach our goals. The Shift team values our feedback and listens to what we need. They take the time to meet regularly to share tips and advice to improve our business both with and without the use of their products. We recently decided to not only renew our contract with them but to add their Subrogation model to our suite of tools. We value their contribution to how we deliver value to our customers."

Shift Claims Fraud Detection is the company's pioneering solution that brings together the power of AI and advanced data science to help insurers find previously undetectable fraud during the claims process. Shift's data-centric approach to fraud detection reduces false positives to drive more efficient workflows, identifies simple cases of individual fraud and more sophisticated network fraud schemes, and delivers clear contextual guidance and supporting documentation to speed investigations. Shift Underwriting Risk Detection empowers underwriters to uncover a comprehensive range of premium leakage and fraud, including fraud networks and agent gaming risks. Shift AI detection aligns to key underwriting decision points, providing real-time detection during policy quotes and applications, daily analysis for new business, and scheduled analysis during mid-term and pre-renewal reviews. Shift Subrogation Detection allows insurers to accurately identify subrogation opportunities at scale and recommend handler actions that improve recovery outcomes - reducing claims leakage while at the same time providing top-tier customer experience.

"It is critically important to understand that subrogation efficiency, as well as application and claims fraud impact so many different aspects of the business, including the customer experience," explained Dan Donovan, vice president, Customer Success and Solution Consulting, Shift Technology. "Elephant has embraced this philosophy to its fullest extent. The work we are doing together to not only spot and stop fraud across the policy and claims lifecycle but also uncover more subrogation opportunities delivers tremendous value to Elephant and its customers."

About Elephant Insurance
Elephant Insurance is an auto insurance company that provides consumers with the tools and advice they need to buy and use auto insurance. Elephant is known for its customer focus, innovative pricing, and inclusive work culture.

Headquartered in Richmond, Virginia, Elephant is a wholly owned subsidiary of Admiral Group, plc., a FTSE 100 company and one of the U.K.'s leading insurers with a presence in eight countries and millions of customers worldwide. Elephant is rated in the excellent range on Trustpilot and is certified as a Great Place to Work®. To learn more, visit www.elephant.com.

About Shift Technology
Shift Technology delivers AI-powered decisioning solutions to benefit the global insurance industry and its customers. Our products enable the world's leading insurers to improve combined ratios by optimizing and automating critical decisions across the policy lifecycle. Shift solutions help mitigate fraud and risk, increase operational efficiency, and deliver superior customer experiences. Learn more at www.shift-technology.com.

Contacts:
Rob Morton
Corporate Communications
Shift Technology
+1.617.416.9216
[email protected]

SOURCE Shift Technology