Customers Achieve 95% Document Analysis
Accuracy and Greater than 90% in Subrogation Liability
Assessment From Shift Solutions
BOSTON and PARIS, June 26,
2024 /PRNewswire/ -- Shift Technology, a
provider of AI-powered decision optimization solutions for the
global insurance industry, today reported that customers using the
company's generative artificial intelligence (AI) solutions are
achieving significant accuracy and efficiency improvements in
claims processes. Shift introduced generative AI into the company's
detection products in 2023, tapping its power to extract the most
relevant data from a wide variety of insurance documents and
convert it into intuitive, targeted and actionable insights for
claims handlers.
It is estimated that claims professionals spend more than 30
percent of their time daily reading documents in order to extract
the information required to effectively process policyholder
claims. This traditionally manual process can be significantly time
consuming, often resulting in delays that degrade the policyholder
experience. Relying on claims professionals to manually review
large volumes of physical or digital documents can also hinder the
successful implementation of straight through processing or other
claims automation initiatives.
Generative AI is ideally suited to removing this responsibility
from a claims handler's daily "to do" list. Real-world
implementations of Shift's solutions demonstrate that insurers can
achieve over 95 percent accuracy in extraction of key information
from documents, providing the knowledge required to progress a
claim through the system quickly and efficiently. This level of
accuracy also provides confidence that a claim identified for
straight through processing does not require human intervention. In
the area of subrogation and recovery, Shift's solutions using
generative AI are delivering over 90 percent accuracy for liability
determination. This has led directly to an average doubling of
referral volume and a 30% increase in referral acceptance rate and
has helped make recovery efforts faster, easier and more
profitable.
One global insurer finding significant benefit in generative AI
supported document analysis is Tokio Marine Japan. Known for its
culture of innovation and its focus on the customer experience, the
insurer is making use of generative AI in a variety of ways.
"We have several ongoing initiatives, including claims
automation projects, that require intelligent document processing
to be successful," explained Koji
Nakagawa, Deputy Manager of Claims Management Dept., Tokio
Marine & Nichido Fire Insurance. "Shift has demonstrated that
their innovative implementation of generative AI could more quickly
and accurately extract the right information from both structured
and unstructured data and make it available in a way our systems
can use to automate claims and ensure our customers' claims are
settled faster."
Shift has been pioneering the use of AI to support insurance
decisioning since 2014 and has been at the forefront of applying
LLMs to the unique challenges of the insurance industry since 2020.
In the area of generative AI, Shift delivers these capabilities to
insurers via a services architecture that operates as a powerful
data processing pipe differentiated by its accuracy, speed and
consistency. The company's current approach to generative AI is
also unique in that its capabilities run automatically in the
background. Insurance professionals are not required to be experts
at prompt engineering to unlock the knowledge and information they
need. Instead, it is provided as part of an actionable alert or
task waiting for them when they are ready to review a claim.
Developed in partnership with, and supported by Microsoft Azure
OpenAI Service for Insurance, and trained by Shift's
proprietary "insurance knowledge layer," these solutions deliver
the enterprise-grade scalability, security, reliability, and focus
required by insurers.
One early adopter of Shift's generative AI capabilities, US
carrier Central Insurance has employed the technology in support of
its advanced subrogation detection initiatives.
According to Jeff Lieberman,
director, Special Investigations and Recovery, Central Mutual
Insurance, "It is widely known within the industry that effective
subrogation and recovery can be incredibly difficult. Working with
Shift we've found that we are uncovering more subrogation
opportunities than in the past and the addition of generative AI
applied to the challenge has given the ability to detect early on
with incredible results which have been unbelievable from an
accepted referral rate. This technology is part of our daily
environment."
Lieberman continued, "As a long time user of Shift analytics and
one of the company's first US-based customers Shift technology is
instrumental in aiding Central Mutual Insurance in the
identification of both questionable claims and subrogation recovery
opportunities. The integration of third-party data sources is
phenomenal and simply cutting edge. The data scientists and
customer success managers truly make the experience seamless and
are best in the industry."
"Generative AI is ideally suited to help insurers automate the
process of combing through massive amounts of data, extract what is
relevant, and present it in a way that is most useful for insurance
professionals," stated Eric Sibony,
chief scientist and chief product officer, Shift Technology. "And
by eliminating the need for claims handlers to manage the query
process themselves, we are making it even easier for them to focus
their time and attention on higher value activities."
About Shift Technology
Shift Technology delivers AI-powered decisioning solutions to
benefit the global insurance industry and its customers. Our
products enable the world's leading insurers to improve combined
ratios by optimizing and automating critical decisions across the
policy lifecycle. Shift solutions help mitigate fraud
and risk, increase operational efficiency, and deliver superior
customer experiences. Learn more at www.shift-technology.com.
Contacts:
Rob
Morton
Corporate Communications
Shift Technology
+1.617.416.9216
rob.morton@shift-technology.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/shift-technologys-generative-ai-capabilities-delivering-positive-impact-for-global-insurers-302182156.html
SOURCE Shift Technology