PARIS and BOSTON, Jan. 27, 2021 /PRNewswire/ — Shift Technology, a provider of AI-driven decision automation and optimization solutions for the global insurance industry, today announced availability of both new products and upgrades to existing solutions within the Shift Insurance Suite (Shift Technology Automates and Optimizes Decision Making Across the Policy Lifecycle). The Shift Insurance Suite is a set of cloud-based AI solutions which support improved decision making by insurance employees across departments.
Shift pioneered the use of Artificial Intelligence (AI) to help insurers not only better spot potential fraud in the claims process but also make more informed decisions about how best to respond to these suspicious claims. The ability to quickly determine if a claim should be investigated and if so, identify the optimal investigative approach injects significant efficiency and accuracy into the overall claims process. The company built on its success in fraud detection to address the insurance industry’s desire to remove friction from the claims process and move toward low-touch, no-touch, and fully automated claims settlement from first notice of loss (FNOL) through to payment. Today, Shift Claims Automation and Shift Claims Fraud Detection are the flagship products in the Shift Insurance Suite.
“AI is ideally suited to help insurance professionals make the best decisions possible in support of their customers and their business,” stated Marcel Gordon, vice president, Product, Shift Technology. “The ability to ingest and organize massive amounts of structured and unstructured data, understand relationships and connections between individuals, and then do sophisticated analysis enables Shift to provide insurers with a new generation of tools. Shift is putting AI in the hands of operational teams at insurers around the globe.”
With the announcement of the Shift Insurance Suite, the company is building on its success in fraud detection and claims automation with the introduction of new products targeting additional processes in claims and across the policy lifecycle. To help employees more quickly and accurately identify opportunities for subrogation, the company is now offering Shift Subrogation Detection. Outside of claims, Shift Underwriting Fraud Detection is designed to provide critical information useful in deciding whether to provide insurance coverage to an individual or business. The company’s new Financial Crime Detection product supports anti-money laundering, employee fraud detection, and other compliance initiatives. Shift’s products are specifically designed to integrate with, and add value to, existing core claims management systems.
“Insurance is a business of decisions, and making the optimal decision can drive incredible benefits,” explained Eric Sibony, chief scientific officer and co-founder, Shift Technology. “Through our work with some of the leading insurance companies in the world we have been able to demonstrate the exceptional power of AI to both optimize and fully automate some of the most important insurance decisions, driving significant value for carriers and their policyholders.”
To address the decision optimization and automation requirements of the global insurance industry, Shift has built its solutions around a powerful AI decision engine that is able to analyze multiple types of structured and unstructured data provided by the insurer, the insured, and/or external third parties. This may include claims data, including claims handlers’ notes, photographs and other scanned images, and original documents, to name only a few. Shift has consistently demonstrated its solutions outperform rules-based only approaches that cannot match the accuracy and efficiency provided by insurance-specific AI. At press time, the company has insurers at various stages of deployment for each of its decision automatization and optimization products.
The Shift Insurance Suite is comprised of:
Shift Claims Fraud Detection: This award-winning technology is in use by more than 80 of the world’s leading insurance companies including CSAA Insurance Group and MS & AD Insurance Group to name only a few. On top of the proven capability to detect fraud using data and documents, new capabilities introduced with the launch of the Shift Insurance Suite put the power of Shift’s rich insurance data model, with all of the insurer’s data denoised, reconstructed and linked together, in the hands of investigators. There is expanded support for the use of images and documents in the detection of fraud, as well as visual exploration of data using a network graph and the ability to search and browse through the complete data model.
Shift Claims Automation: Available in two deployment models – Digital Journey and Augmented Adjustment – this solution uses AI to automate the claims process from FNOL through to final settlement. Digital Journey empowers policyholders directly, delivering a self-service claims experience – FNOL, tracking and settlement – with AI decision-making built in. The claims experience is customized to each insurer to match their claims process, handling policies and branding. Augmented Adjustment integrates AI-supported decision making directly into the Claims Management System, decreasing turnaround time and optimizing claims handlers’ time during the claims process. Through its application of advanced OCR technology, Shift Claims Automation is particularly focused on removing the need for manual document review throughout the claims process.
Shift Subrogation Detection: This new addition to the Shift Insurance Suite uses AI to quickly and accurately discover opportunities to recover costs from third parties. The technology not only finds those claims for which subrogation is possible but also generates actionable cases supported by concrete evidence. Shift Subrogation Detection improves on manual and simple rules-based subrogation identification processes by focusing on coverage (reviewing every single claim), consistency (checking against known subrogation scenarios) and precision (leveraging internal and external data, from police reports to recall lists, using AI). The result includes reduced claim loss and improved deductible recovery, while freeing the claims team to focus on resolving claims.
Shift Underwriting Fraud Detection: Designed to optimize decision making at the point of sale, Shift Underwriting Fraud Detection applies AI to the policy underwriting process to detect inaccurate or non-compliant policies. Actionable alerts help to minimize fraudulent policies, avoid undesired risks, and assign appropriate premiums. Shift Underwriting Fraud Detection leverages Shift’s rich data model, sophisticated data analysis and deep insurance expertise to give the Underwriting team a complete view of the policy, policyholder and risk while highlighting anomalies. First Central has adopted Shift Underwriting Fraud Detection to support the carrier’s auto line of business.
Shift Financial Crime Detection: Insurance is a critical part of the financial system, resulting in significant scrutiny from regulators. Shift Financial Crime detection enables insurers to better understand the status of all participants in its ecosystem, including employees, to identify and investigate potential criminal behavior, including money laundering. Shift Financial Crime Detection addresses these challenges for insurers, who have little transaction data to rely upon, by making maximal use of internal and external data about all participants in the insurance process. Used together with Shift’s fraud solutions, Shift Financial Crime Detection enables insurers to build an overall picture of – and response to – risk from bad actors across their business.
About Shift TechnologyShift Technology delivers the only AI-native decision automation and optimization solutions built specifically for the global insurance industry. Addressing several critical processes across the insurance policy lifecycle, the Shift Insurance Suite helps insurers achieve faster, more accurate claims and policy resolutions. Shift has analyzed billions of insurance transactions to date and was presented Frost & Sullivan’s 2020 Global Claims Solutions for Insurance Market Leadership Award. For more information, please visit www.shift-technology.com.
Contacts:Rob MortonCorporate CommunicationsShift Technology+1.617.416.9216[email protected]
SOURCE Shift Technology