Ascend | March 31, 2022
Today, modern insurtech infrastructure companies, Ascend and Stere, announced an anchor partnership. The two companies will be teaming up to provide existing brokers, MGAs, and carriers with the best-in-class digital experiences.
Ascend is the first modern insurance payments platform that provides automated all-in-one financing, collections, and payables. Stere is a one-stop-shop for businesses to find capacity and access digital tools to launch, improve and grow insurance programs. Both companies work to digitize key aspects of the insurance value chain and will be combining forces in a first-of-its-kind anchor partnership to further fuel their customers' growth.
We're incredibly excited to be collaborating with Stere as we enter the next phase of providing the best possible product/service for our customers, They've built an incredible ecosystem that connects "capacity seekers" such as MGAs, insurtechs, or embedded insurance partners, with "capacity providers" like carriers and reinsurers. Stere's capacity marketplace will support our customers' capacity needs and becoming a part of that ecosystem, benefits both ours and their customers."
Ascend Co-Founder & Co-CEO Andrew Wynn.
Stere allows interested parties to easily launch new insurance programs and products, and Ascend makes it easy to handle all aspects of payments for those new programs.
Working with Ascend further expands and strengthens the roster of network vendor partners our clients have easy access to via our digital ecosystem, Our mission is to be a go-to capacity marketplace for MGAs, reinsurers, and carriers as well as offer them a secure platform where they can launch and grow insurance programs with ease. By restructuring and modernizing insurance payments infrastructure, something that is long overdue, Ascend addresses a long-standing industry pain point and empowers our clients to increase their process efficiencies."
Stere CEO and Founder Dogan Kaleli.
This is the first of many partnerships Ascend will be investing in to deepen its relationships with other insurtechs, MGAs, AMS, and other embedded insurance carriers to complement the strategic ambitions of companies in the insurance market.
Ascend is the modern insurance payments platform that provides automated all-in-one financing, collections, and payables. Founded by two-time insurtech entrepreneurs Andrew Wynn and Praveen Chekuri, Ascend helps distributors sell more by eliminating labor-intensive, expensive processes while providing customers with the great online checkout and financing experience they've come to expect.
Stere is a digital ecosystem for insurance programs. With Stere, program leaders source insurance capacity and access digital tools to launch sooner and grow smarter. Stere clients are MGAs, insurtech MGAs, and embedded insurance programs, and their ecosystem partners such as carriers, fronting carriers, reinsurers, brokers, program consultants, and technology providers.
Luko, Shift Technology | November 25, 2020
Shift Technology, a supplier of AI-native fraud detection and claims automation solutions for the global insurance industry today reported its fraud detection technology has been chosen by computerized native neo-insurance company Luko.
Since its launch in May 2018, Luko has been forging another way in the realm of property holders insurance. This spearheading new insurance company utilizes patented technology which predicts which claims might be recorded (water harm, fire, and so forth) and persuades policyholders to receive best practices regarding counteraction. In situations where claims can't be evaded, Luko depends on technology to abbreviate the claims cycle and furnish its clients with a model client experience.
Guaranteeing that claims are real is a basic segment of guaranteeing a quick, effective, and precise claims measure. Nonetheless, Luko's market achievement and fast development uncovered that the current systems used to recognize potential fraudulent claims basically couldn't keep up. Subsequently, Luko went to Shift Technology and its honor winning AI-based insurance fraud detection arrangement.
"The insurance sector is the target of numerous attempts at fraud, whether opportunistic or resulting from organized crime networks," explained Raphaël Vullierme, co-founder of Luko. "It was therefore essential that we continue to reinforce our processes and technologies in terms of fraud detection, so as to quickly identify potentially illegitimate claims."
Notwithstanding the fraud detection technology offered by Shift, Luko is upheld by the profound insurance industry experience and experience of its information science groups. This solid mix of individuals and technology help to guarantee Luko is continually remaining side by side of the most recent fraud patterns and plans.
"We have always considered the fight against fraud to be a critical topic for insurers," stated Jeremy Jawish, CEO and co-founder, Shift Technology. "Not only does effective fraud fighting reduce undeserved indemnity pay-outs and dismantle fraud networks, but also supports the digital transformation of the customer journey."
About Shift Technology
Shift Technology delivers the only AI-native fraud detection and claims automation solutions built specifically for the global insurance industry. Our SaaS solutions identify individual and network fraud with double the accuracy of competing offerings, and provide contextual guidance to help insurers achieve faster, more accurate claim resolutions. Shift has analyzed hundreds of millions of claims to date and was presented Frost & Sullivan's 2020 Global Claims Solutions for Insurance Market Leadership Award.
Luko is reinventing home insurance, placing social responsibility and technology at the heart of its priorities. The company is now the first neo-insurance firm in France, with more than 100,000 policyholders, and the Insurtech with the strongest growth in Europe. More than a simple insurance contract, Luko's ambition is for insurance to change from a model activated as a reaction to a model based on prevention, using internally-developed technology. The co-founders Raphaël Vullierme, a serial entrepreneur, and Benoit Bourdel, have pooled their expertise to create a company with a specific, positive impact, recognized by Bcorp certification in July 2019.
Shift Technology | January 28, 2021
Shift Technology, a supplier of AI-driven decision automation and optimization solutions for the global insurance industry, today declared availability of both new products and moves up to existing solutions inside the Shift Insurance Suite (Shift Technology Automates and Optimizes Decision Making Across the Policy Lifecycle). The Shift Insurance Suite is a bunch of cloud-based AI solutions which backing improved decision making by insurance representatives across divisions.
Shift spearheaded the utilization of Artificial Intelligence (AI) to help insurers not just better spot possible fraud in the claims cycle yet in addition settle on more educated decisions about how best to react to these dubious claims. The capacity to rapidly decide whether a claim ought to be explored and assuming this is the case, recognize the ideal analytical methodology infuses huge productivity and exactness into the general claims measure. The organization based on its achievement in fraud detection to address the insurance industry's longing to eliminate grating from the claims cycle and advance toward low-contact, no-contact, and completely computerized claims settlement from first notice of loss (FNOL) through to payment. Today, Shift Claims Automation and Shift Claims Fraud Detection are the lead 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 declaration of the Shift Insurance Suite, the organization is expanding on its accomplishment in fraud detection and claims automation with the presentation of new products focusing on extra cycles in claims and across the approach lifecycle. To help workers all the more rapidly and precisely recognize openings for subrogation, the organization is presently offering Shift Subrogation Detection. Outside of claims, Shift Underwriting Fraud Detection is intended to give basic data valuable in concluding whether to give insurance inclusion to an individual or business. The organization's new Financial Crime Detection product underpins against illegal tax avoidance, worker fraud detection, and other consistence activities. Shift's products are explicitly intended to incorporate with, and increase the value of, existing center 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 necessities of the global insurance industry, Shift has assembled its solutions around a powerful AI decision engine that can break down numerous sorts of structured and unstructured data given by the insurer, the insured, and/or external third parties. This may incorporate claims data, including claims handlers' notes, photos and other checked pictures, and unique reports, to give some examples. Shift has reliably exhibited its solutions beat decides based just methodologies that can't coordinate the precision and productivity given by insurance-explicit AI. At press time, the organization has insurers at different phases of sending for every one 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 Technology
Shift 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.