Shift Technology, a provider of AI-driven decision automation and optimization solutions for the global insurance industry today announced that NoveoCare, an expert in the management of general contracts, pension plans, pensions, and borrowers on behalf of third parties (formerly GFP Gestion) will deploy Shift Financial Crime Detection. The use of Shift’s technology is part of NoveoCare’s leading-edge efforts in the fight against using insurance instruments in the act of money laundering and the financing of terrorism (AML-CFT).
NoveoCare, an independent management platform for life and health insurance, totals 2 million protected persons. With a turnover of more than €50 million and 750 employees spread over 11 sites, the Group capitalizes on its position as a pure player and its business expertise to meet the expectations of its partners. Quality, innovation, customer experience, and safety are the core pillars on which the organization’s success is built. Joining forces with Shift is part of NoveoCare’s strategy to strengthen its existing internal control systems and make investments to make its processes faster, as well as more efficient and accurate.
“Our continued growth has given us the capability to invest in solutions with the highest possible standards and Shift Technology emerged as the most convincing solution on the market when taking quality, safety and cost effectiveness into consideration,” said Rodolphe Chevalier, CEO, NoveoCare. “We are particularly pleased to be able to count on the AI that has made Shift Technology successful in the insurance sector to strengthen the guarantees we provide to our insurance and broker partners.”
Companies doing business in the insurance industry have an obligation to inform themselves about the users of their services and to prohibit access to potential perpetrators of money laundering or terrorist financing. Shift Financial Crime Detection is designed to help identify at-risk entities and minimize illegal activity all while helping to demonstrate regulatory compliance. The solution uses AI to automate a series of checks and controls on different entities and transactions. It uses a set of internal and external data to verify identity, analyze suspicious behavior, predict risk, and assess regulatory compliance.
“Combating financial crime and ensuring regulatory compliance is a major challenge for all insurance players,” stated Jeremy Jawish, CEO and co-founder, Shift Technology. “We are extremely proud to support NoveoCare in addressing AML-CFT specifically, and in its transformation strategy in general.”
