The Insurance Data Network (IDN) by Shift Technology is revolutionizing the insurance industry by providing actionable fraud and risk insights through shared insurer data. This collaborative platform allows insurers to detect fraud and prevent risks throughout the claims process.

IDN has gained acceptance within the industry and is now operational, with top U.S. property and casualty insurers as contributing members. The network covers a substantial majority of U.S. auto and property claims, with claims volume growing rapidly. Members have already identified millions of dollars in new fraud schemes thanks to IDN’s advanced capabilities.

Compared to traditional data-sharing models, IDN offers advantages such as full ownership and control of data, real-time intelligence, and enhanced performance of Shift’s AI-powered products. This secure environment enables insurers to collaborate and gain valuable insights into industry-wide claims.

According to the Coalition Against Insurance Fraud, insurers lose $122 billion annually due to fraud, making it essential for insurers to have greater visibility into fraudulent activities. IDN’s cross-carrier data analysis has tripled the size of identified fraud networks, helping insurers expedite investigations and achieve better outcomes.

Participating in IDN allows insurers to uncover policyholders with a history of fraud across multiple carriers, leading to improved fraud and risk detection in the claims process. This newfound ability to gain insights from shared experiences across the industry empowers insurers to fight fraud effectively. Title: Enhancing Claims Management with IDN: Leveraging Data Insights for Fraud Detection and Risk Prevention

In today’s insurance industry, the ability to swiftly and accurately evaluate the impact of claims is essential for effective management. Claims handlers often grapple with the arduous task of manually reviewing extensive demand packages and analyzing pages of claims data. However, membership in IDN offers insurers the opportunity to automate this process, enabling them to leverage data-driven insights to promptly identify any pertinent information. By utilizing these insights, insurers can quickly ascertain if current or past PIP/BI claims involve providers who are on internal watchlists or have been sanctioned, expediting the claims process to the Special Investigations Unit (SIU) or medical management for further assessment.

IDN provides members with precise, actionable, automated, and secure insights derived from shared insurer data. Membership in IDN is tailored to enhance an insurer’s fraud detection and claims handling strategies, offering a multitude of benefits:

– Accurate Data-Driven Insights: Through detailed data mapping and AI-powered entity resolution across carriers, IDN generates highly precise insights integrated into the insurer’s workflows.
– Enhanced Fraud and Risk Detection: By leveraging shared data, IDN enhances fraud and risk detection capabilities, aiding in the identification of fraudulent schemes that impact the entire industry.
– Actionable Claim History Intelligence: IDN allows claim handlers to swiftly identify suspicious claim behavior across carriers, enhancing loss history insights.
– Proactive Automation, Context, and Explainability: IDN proactively transforms data into actionable insights, streamlining the claims process.
– Data Ownership: IDN members retain ownership of their data, ensuring full control over its usage.
– Data Security and Privacy: IDN ensures the protection of sensitive information through industry-leading data security protocols.

“The insurance industry recognizes the value of data and insights for long-term success,” remarked Jawish. “With the launch of IDN, insurers are revolutionizing their approach to utilizing shared data, gaining a deeper understanding of industry trends.”

Shift Technology, with its AI-powered decisioning solutions, aids the global insurance industry in optimizing critical decisions and improving operational efficiency. Their products help mitigate fraud and risk while enhancing customer experiences.

To learn more about Shift Technology, visit www.shift-technology.com.

In conclusion, IDN offers insurers a valuable tool for enhancing fraud detection and claims handling strategies. By leveraging data-driven insights, insurers can streamline the claims process, improve efficiency, and mitigate risks effectively. Stay informed, stay secure, and stay ahead with IDN.