Shift Technology’s recent advancements in generative AI have brought about a new era of efficiency and accuracy in insurance operations, leading to faster claims processing and improved customer experiences. With notable success stories and seamless technological integration, Shift’s AI solutions are set to reshape the industry landscape.
Shift Technology’s Generative AI Enhances Efficiency for Global Insurers
BOSTON and PARIS, June 26, 2024 – Shift Technology, a leader in AI-powered decision optimisation solutions tailored for the insurance sector, has reported significant advancements in the application of generative artificial intelligence (AI) within the industry. Their clients are experiencing marked improvements in the accuracy and efficiency of claims processing, highlighting a new era of technological integration in insurance operations.
Shift’s generative AI, integrated into the firm’s detection products in 2023, was designed to streamline the extraction of valuable data from various insurance documents. This transformation enables claims handlers to receive insights that are both actionable and relevant, effectively reducing the time spent on manual document analysis. According to Shift, claims professionals traditionally spend over 30 percent of their daily workload on reading and extracting information from documents, a process that generative AI can significantly expedite.
Real-world applications of Shift’s generative AI demonstrate impressive results. Insurers have reported over 95 percent accuracy in document data extraction, paramount in advancing claims through automated processing without necessitating human intervention. Further, the AI’s capacity in subrogation and recovery processes has shown over 90 percent accuracy in determining liability, ultimately doubling referral volumes and boosting referral acceptance rates by 30 percent.
Case Studies and Customer Experiences
Notable among Shift’s clients is Tokio Marine Japan, which has embraced generative AI for multiple initiatives, including claims automation. Koji Nakagawa, Deputy Manager of Claims Management Dept., commended the technology’s precision and efficiency in processing both structured and unstructured data, enhancing the speed and accuracy of claims settlements.
Another early adopter is the US-based Central Insurance, which has integrated Shift’s AI into its subrogation detection workflows. Jeff Lieberman, Director of Special Investigations and Recovery, remarked on the incredible improvements in subrogation opportunities detection, attributing their success to the advanced capabilities of Shift’s AI.
Technological Integration and Future Outlook
Shift Technology’s approach to generative AI stands out due to its seamless integration with existing insurance systems. The AI operates in the background, providing necessary data and alerts without requiring claims handlers to delve into the complexities of prompt engineering. This ease of use is bolstered by the firm’s collaboration with Microsoft Azure OpenAI Service, which enhances the technology’s scalability, security, and reliability suitable for enterprise-grade operations.
Eric Sibony, Chief Scientist and Chief Product Officer at Shift Technology, highlighted the transformative potential of generative AI in simplifying data management for insurers. By reducing the burden of manual data extraction, claims professionals can focus on tasks that add more strategic value to their operations.
Industry Implications
This technological advancement comes at a time when the insurance industry is increasingly seeking ways to enhance efficiency and customer satisfaction. Generative AI’s ability to process large volumes of data quickly and accurately can lead to faster claims resolutions, a crucial factor in maintaining and improving policyholder trust and loyalty.
Shift Technology, since its inception in 2014, has continuously pushed the boundaries of AI applications in insurance, setting a precedent with its innovative use of large language models (LLMs) since 2020. The latest advancements further cement the company’s role as a key player in the sector’s digital transformation journey.
Conclusion
The implementation of generative AI by Shift Technology marks a significant development in the insurance industry’s pursuit of operational efficiency and improved customer experiences. With proven results and continued innovation, Shift’s AI solutions are poised to drive substantial changes in how insurers handle and process claims, ultimately benefiting both the industry and its customers.
