Fraud Detection Implementation at Markerstudy Insurance Services

This case study outlines the implementation of fraud detection and automation solutions by Markerstudy Insurance Services Limited (MISL) in collaboration with Shift Technology. Founded in 2001, MISL serves over 6 million customers and processes around 300,000 claims annually. In 2022, MISL sought to enhance its fraud detection capabilities and improve customer experience. The document details the challenges faced by MISL, including data quality issues and the need for noise reduction in fraud detection processes. Shift Technology provided a comprehensive solution, deploying AI and machine learning to analyze millions of transactions and claims. Key components included real-time fraud detection at the Point of Quote and proactive financial crime measures. The partnership enabled rapid implementation, with significant improvements in fraud detection rates and customer service. The results indicate substantial net fraud savings and enhanced operational efficiency, demonstrating the effectiveness of the integrated solutions in addressing MISL's objectives.