PARIS and BOSTON, Jan. 27, 2021 /PRNewswire/ — Shift Technology, a supplier of AI-driven determination automation and optimization options for the worldwide insurance coverage trade, right now introduced an replace and growth of its product choices. Constructing on the corporate’s success in fraud detection and claims automation, Shift now applies synthetic intelligence and superior information science to extra processes throughout the insurance coverage coverage lifecycle together with underwriting, subrogation, and compliance/monetary crime detection. Collectively, these merchandise make up the Shift Insurance coverage Suite.
Right now’s insurers are going through two major challenges. At one finish of the spectrum, they’re being tasked with attaining operational excellence to attain higher effectivity, diminished prices, improved loss ratios, and a greater backside line. On the different finish, they’ve stress to ship distinctive client experiences leading to higher buyer loyalty which may gasoline extra enterprise from the person policyholder, cut back churn and drive higher word-of-mouth referrals. Each objectives will be met when supported by insurance coverage professionals making the most effective selections attainable.
“The insurance coverage enterprise is pushed by extraordinarily advanced processes all through the coverage lifecycle and optimizing the result of those processes — by way of higher determination making at scale — has a profound influence on income, prices, productiveness and the shopper expertise,” said Jeremy Jawish, CEO and co-founder, Shift Know-how. “We have now confirmed this idea with our fraud detection and claims automation options, and now, we’re making use of our information and experience in new methods that may actually profit our purchasers.”
Shift’s merchandise automate and optimize the myriad selections and micro-decisions insurance coverage professionals should make day by day to attain desired outcomes for the insurer and insured alike. The Shift Insurance coverage Suite options merchandise particularly targeted on the claims course of (Shift Insurance Suite Applies Artificial Intelligence Across Policy Lifecycle Processes) together with the corporate’s award-winning Shift Claims Fraud Detection, Shift Claims Automation, and Shift Subrogation Detection. Applied sciences addressing extra coverage lifecycle processes embody Shift Underwriting Fraud Detection and Shift Monetary Crime Detection. Shift’s merchandise are particularly designed to combine with, and add worth to, present core claims administration programs. At press time, the corporate has insurers at numerous phases of deployment for every of its determination automatization and optimization merchandise.
“Shift is drastically increasing these insurance coverage processes to which we are able to apply AI-based decisioning and giving our purchasers and their workers highly effective new instruments to profit from their information to extend effectivity, eradicate redundancy, and make the most effective selections attainable,” continued Jawish.
About Shift Know-how
Shift Know-how delivers the one AI-native determination automation and optimization options constructed particularly for the worldwide insurance coverage trade. Addressing a number of vital processes throughout the insurance coverage coverage lifecycle, the Shift Insurance coverage Suite helps insurers obtain quicker, extra correct claims and coverage resolutions. Shift has analyzed billions of insurance coverage transactions so far and was introduced Frost & Sullivan’s 2020 World Claims Options for Insurance coverage Market Management Award. For extra data, please go to www.shift-technology.com.
SOURCE Shift Know-how