L’olivier, the French auto insurer subsidiary of Admiral, has joined InsurTech Shift Technology to fight car insurance fraud.
Created in 2011, L’olivier considers the move important in aiding its plan to fight fraud with a dedicated unit.
L’olivier’s teams are already working closely with Shift’s data scientists in a number of workshops.
In addition, with Shift’s Force solution, administrators can detect elements of fraud in real-time. Detection algorithms speed up the process of fraud investigation.
As well as L’olivier’s data, Shift looks at external information such as meteorological data, satellite images, and web data.
“Shift will help us in building out our capabilities. Their solution improves our ability to detect fraud by reducing the number of irrelevant cases, at the same time as it enhances our ability to prove fraud by providing administrators with avenues of investigation, enabling us to avoid payment of fraudulent claims,” explained Janny Druon, head of the Claims Analytics team at L’olivier.
“Fraud systematically increases the price of all insurance policies, forcing all policyholders to bear the costs of the behaviour of a few fraudsters. At L’olivier, we are convinced that every policyholder should pay ‘a fair price.’ Fighting actively against fraud is a way of re-establishing fairness for our policyholders, something that is a central value in the culture of L’olivier. Shift will help us to carry on offering the lowest price,” added Pascal Gonzalvez, CEO of L’olivier.
Jeremy Jawish, CEO of Shift Technology, said: “We are extremely proud of the collaboration between Shift and L’olivier, and of being able to fully commit to the values upheld by L’olivier. The implications of fighting against insurance fraud go far beyond the issue of the savings made by the insurer. First and foremost, it is a matter of customer experience and satisfaction. It is all about putting the policyholder at the centre of the insurer’s concerns.”
By the end of 2019, L’olivier will be able to automatically receive alerts for potentially fraudulent claims on a daily basis.