Shift Insurance Suite Now Applies Artificial Intelligence Across Policy Lifecycle Processes

New Products and Solution Upgrades Address Rapidly Changing Business Requirements

Shift Technology, a provider of AI-driven decision automation and optimization solutions for the global insurance industry, 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.

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“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.

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“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.

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