INSURANCE TECHNOLOGY

Shift Technology Automates and Optimizes Decision Making Across the Policy Lifecycle

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.

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Custom ICM solutions are built for you, not auditors, so they typically don’t offer visibility into actions performed over time. Auditors may lack confidence in your homegrown system, especially if they find errors or omissions. In fact, audit risk from errors and overpayments is often the most compelling reason we see customers switch from build to buy. New regulations place additional burdens on your commissions system.

Spotlight

Custom ICM solutions are built for you, not auditors, so they typically don’t offer visibility into actions performed over time. Auditors may lack confidence in your homegrown system, especially if they find errors or omissions. In fact, audit risk from errors and overpayments is often the most compelling reason we see customers switch from build to buy. New regulations place additional burdens on your commissions system.

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