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Tuesday, July 16, 2024

Shift Technology’s Generative AI Benefits Global Insurers

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Customers achieve 95% document analysis accuracy and over 90% in subrogation liability assessment from Shift Solutions.

Shift Technology, a provider of AI-powered decision optimization solutions for the global insurance industry, 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 various insurance documents and convert it into intuitive, targeted, and actionable insights for claims handlers.

It is estimated that claims professionals spend more than 30% of their time daily reading documents to extract the information required to process policyholder claims effectively. 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 extracting 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 subrogation and recovery, Shift’s generative AI solutions deliver over 90% 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 uses generative AI in various 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.”

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Shift has been pioneering the use of AI to support insurance decision-making since 2014 and has been at the forefront of applying LLMs to the insurance industry’s unique challenges since 2020. In generative AI, Shift delivers these capabilities to insurers via a services architecture that operates as a powerful data processing pipe differentiated by accuracy, speed, and consistency.

The company’s current approach to generative AI is unique because its capabilities run automatically in the background. Insurance professionals are not required to be experts at prompt engineering to unlock the necessary knowledge and information. 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 insurers require.

One early adopter of Shift’s generative AI capabilities, US carrier Central Insurance, has employed the technology to support its advanced subrogation detection initiatives.

Jeff Lieberman, Director of Special Investigations and Recovery at Central Mutual Insurance, states, “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 us 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 identifying 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 make the experience seamless and are the best in the industry.”

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“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.”

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