Shift Technology Automates and Optimizes Decision Making Across the Policy Lifecycle
- Shift Insurance Suite Expands to Include Underwriting, Subrogation and Financial Crime Detection
Shift Technology, a provider of AI-driven decision automation and optimization solutions for the global insurance industry, announced an update and expansion of its product offerings. Building on the company’s success in fraud detection and claims automation, Shift now applies artificial intelligence and advanced data science to additional processes across the insurance policy lifecycle including underwriting, subrogation, and compliance/financial crime detection. Together, these products make up the Shift Insurance Suite.
Today’s insurers are facing two primary challenges. At one end of the spectrum, they are being tasked with attaining operational excellence to achieve greater efficiency, reduced costs, improved loss ratios, and a better bottom line. At the other end, they have pressure to deliver exceptional consumer experiences resulting in greater customer loyalty which can fuel more business from the individual policyholder, reduce churn and drive greater word-of-mouth referrals. Both goals can be met when supported by insurance professionals making the best decisions possible.
“The insurance business is driven by extremely complex processes throughout the policy lifecycle and optimizing the outcome of these processes — through better decision making at scale — has a profound impact on revenue, costs, productivity and the customer experience,” stated Jeremy Jawish, CEO and co-founder, Shift Technology. “We have proven this concept with our fraud detection and claims automation solutions, and now, we’re applying our knowledge and expertise in new ways that can truly benefit our clients.”
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Shift’s products automate and optimize the myriad decisions and micro-decisions insurance professionals must make daily to achieve desired outcomes for the insurer and insured alike. The Shift Insurance Suite features products specifically focused on the claims process (Shift Insurance Suite Applies Artificial Intelligence Across Policy Lifecycle Processes) including the company’s award-winning Shift Claims Fraud Detection, Shift Claims Automation, and Shift Subrogation Detection. Technologies addressing additional policy lifecycle processes include Shift Underwriting Fraud Detection and Shift Financial Crime Detection. Shift’s products are specifically designed to integrate with, and add value to, existing core claims management systems. At press time, the company has insurers at various stages of deployment for each of its decision automatization and optimization products.
“Shift is greatly expanding those insurance processes to which we can apply AI-based decisioning and giving our clients and their employees powerful new tools to make the most of their data to increase efficiency, eliminate redundancy, and make the best decisions possible,” continued Jawish.
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