FWD Singapore is the first health insurance provider in the southeastern part of Asia. It is also the first one to deploy FORCE, a fraud detection solution. FORCE makes the use of artificial intelligence and analyzes multiple data sources. After this, it eliminates all possible waste or fake claims. It’s the first AI-native, SaaS-based fraud detector which has been made especially for the insurance industries of the world. This solution is trusted by millions of insurers all over the world, including the very top ones.
FWD says that they are committed to making digital technology so easy that insurance becomes more simple, reliable, and to-the-point rather than being complex and hard to understand for their customers. Their collaboration with Shift Technology proves that they are more customer-driven than business-driven. They are now confident that they can process a large number of claims. This will help them reduce the time required for the claim payment, resulting in the customer experience being improved.
FORCE uses advanced AI (artificial intelligence) and complex data science to find out possibly fake or fraudulent claims and apply an already constructed, detailed fraud score for each claim that looks suspicious. This score then tells if the claim is suspicious and if it is, how suspicious it is. It also tells how the claim should be investigated along with other contributing factors. It’s because of this score that FWD can eradicate the big problem of fraud, as it is a computer-based, detailed system designed to ensure that all deserving claimants are paid as soon as possible and the correct amount.
Shift Technology says that the biggest challenge faced because of these computer-based systems with straight-through processing is getting to know for sure is a claim meets the merit. Their approach to fraud detection is driven by artificial intelligence and this gives their partners a trustworthy system so that they can apply their business strategies with all the confidence. This makes the companies able to give their customers a brilliant customer experience.