Shift Technology is a leading provider of AI-powered solutions designed specifically for the insurance industry, focusing on fraud detection, claims automation, and underwriting optimization. Using advanced artificial intelligence, machine learning, and data analytics, Shift Technology helps insurers enhance their decision-making processes, reduce fraud, streamline claims handling, and improve underwriting accuracy. The company’s solutions are trusted by insurers worldwide to enhance operational efficiency, minimize losses, and deliver a superior customer experience.

Key Features:

1. Shift Claims Fraud Detection: Shift’s fraud detection solution leverages AI and machine learning to identify suspicious claims in real-time. The platform analyzes vast amounts of data from multiple sources, including historical claims, policyholder information, and external data sets, to detect anomalies and patterns indicative of fraudulent behavior.

   • AI-Powered Analysis: The system uses sophisticated algorithms to evaluate claims against fraud indicators, uncover hidden patterns, and flag high-risk claims for further investigation.

   • Network Analysis: Shift’s network analysis feature examines relationships between claimants, providers, and other entities, identifying collusion and organized fraud rings that traditional methods often miss.

   • Investigator Support: Shift provides actionable insights and detailed case reports to investigators, enhancing their ability to validate legitimate claims and identify fraudulent activities efficiently.

2. Shift Claims Automation: This solution automates the entire claims handling process, from first notice of loss (FNOL) to settlement, using AI to streamline workflows, reduce manual intervention, and speed up claim resolution.

   • Automated Decision-Making: Shift’s AI engine evaluates incoming claims, categorizing them by complexity and routing them to the appropriate processing paths. Straightforward claims can be approved and paid automatically, while more complex cases are flagged for further review.

   • Smart Document Processing: The system extracts and analyzes data from documents, images, and other claim-related materials, reducing the need for manual data entry and accelerating the claims process.

   • Enhanced Customer Experience: By automating routine tasks and reducing claim cycle times, Shift’s claims automation improves the overall customer experience, providing faster payouts and more transparent communications.

3. Shift Underwriting Automation: Shift’s underwriting solution helps insurers optimize their underwriting processes by leveraging AI to assess risk more accurately and improve pricing decisions.

   • Risk Assessment: The platform analyzes historical data, external sources, and new information to provide a comprehensive risk profile for each applicant. This allows underwriters to make better-informed decisions and tailor coverage to the specific risk level.

   • Predictive Analytics: Shift uses predictive models to identify high-risk policies and suggest adjustments to pricing, terms, or coverage. This helps insurers avoid underpricing and better manage their risk exposure.

   • Automated Underwriting: By automating the analysis of applications and risk factors, Shift speeds up the underwriting process, reducing the time needed to issue policies and enhancing customer satisfaction.

4. Data Integration and API Connectivity: Shift’s solutions integrate seamlessly with insurers’ existing systems through open APIs, allowing data to flow smoothly between platforms. This integration supports a connected, efficient workflow and enables insurers to leverage their existing technology investments.

5. Scalable Cloud-Based Platform: Shift Technology’s solutions are delivered through a scalable, cloud-based environment that ensures high performance, security, and availability. The cloud deployment model reduces IT overhead and provides insurers with continuous access to the latest software updates and enhancements.

6. Customizable Alerts and Reporting: The platform offers customizable alerts and reporting tools that allow insurers to monitor fraud trends, track claims performance, and generate detailed reports for compliance and management review.

7. AI-Driven Insights: Shift provides insurers with actionable insights from its AI models, helping them to continuously refine their fraud detection and claims processing strategies. These insights guide business decisions and support ongoing improvements in efficiency and accuracy.

Benefits:

• Reduced Fraud Losses: Shift’s AI-powered fraud detection significantly reduces fraudulent payouts, helping insurers save millions of dollars annually.

• Enhanced Claims Efficiency: Claims automation reduces processing times, lowers operational costs, and enhances the overall customer experience by providing quicker resolutions.

• Improved Underwriting Accuracy: AI-driven risk assessment tools enhance underwriting precision, leading to better pricing, improved risk management, and higher profitability.

• Scalable and Secure: The cloud-based platform offers insurers a secure, scalable solution that grows with their business, reduces IT maintenance, and ensures access to cutting-edge technology.

Target Users:

Shift Technology is ideal for P&C insurers, health insurers, and reinsurers looking to enhance their fraud detection, streamline claims processing, and improve underwriting accuracy through AI-driven solutions. It caters to insurers seeking to reduce operational costs, enhance decision-making, and provide a better customer experience.