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
'We have several ongoing initiatives, including claims automation projects, that require intelligent document processing to be successful,' explained
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
One early adopter of Shift's generative AI capabilities, US carrier
According to
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
'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
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Email: rob.morton@shift-technology.com
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