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Risk detection made better for underwriters

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The digital insurance era has brought fierce competition. Customers expect to complete quotes and policies in seconds on their smart devices, with mobile insurance app usage growing 26%. Underwriters must accelerate their decisions, satisfy digital customer expectations, and continue growing the portfolio.

This pressure comes with a challenge: insurers lose an estimated £2.1 billion in insurance fraud and premium leakage, with 14% of adults willing to make false statements to lower their premium rates. The concern is clear: 57% of insurance leaders believe fraud impacts their brand reputation, while 54% worry that fraud will force them to slow customer acquisition.

Underwriting organisations try to either spot fraud quickly with basic business rules and data checks, or slow the underwriting process with manual investigation (which can cause customers to abandon the application process). Both methods continue to miss sophisticated fraud and misrepresentation techniques, accumulating risk in the portfolio.

Built on the Shift Insurance Decisioning Platform, the Underwriting Risk Detection product is powered by AI to help underwriters mitigate fraud, optimise pricing, and spot policy risk trends like agent gaming in the portfolio.

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