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Revolutionizing Insurance: Shift Technology Launches Shift Claims

Shift Technology, recognized as a leading AI platform for the insurance sector, has recently introduced Shift Claims, a pioneering solution designed to transform claims management through the use of agentic artificial intelligence (AI). This innovative platform aims to streamline claims operations, significantly reducing claims leakage and enhancing customer satisfaction in the insurance process.

In an industry where claims processing has historically been bogged down by complexity and inefficiency, Shift Claims offers a fresh perspective. Insurance claims commonly follow a unique trajectory from the first notice of loss (FNOL) to resolution, making it challenging for traditional rules-based systems to effectively manage the variability and nuances associated with each claim. Consequently, reliance on manual processes has hampered efficiency, resulting in prolonged claim resolutions and increased costs.

Eric Sibony, Shift Technology's Chief Scientist and Chief Product Officer, stated, "The shortcomings of past claims transformation initiatives were due largely to their inability to address the inherent complexity of claims processes. Agentic AI equips insurers with a powerful tool to enhance automation while still offering guidance and recommendations for claim handlers whenever human involvement is necessary." This ensures that insurers can not only handle claims more effectively but can also retain control over intricate aspects that require human decision-making.

The integration of generative AI into Shift's solutions was a significant advance made in 2024. This upgrade has proven capable of assisting insurance professionals with better decision-making, culminating in improved outcomes. After being trained on an extensive array of insurance-related data, Shift's large language models (LLMs) have demonstrated efficacy in areas such as information extraction, document summarization, and even liability determination during subrogation and recovery processes. By building on this foundation, agentic AI now empowers these models to execute specific tasks and decisions autonomously, enhancing the overall claims handling experience.

Among the early adopters of Shift Claims is AXA Switzerland. The Chief Operating Officer and Head of Customer Operations, Markus Keller, expressed confidence in Shift's approach: "We are seeking an AI-driven solution to bolster our claims transformation efforts, ensuring automated processes while providing our professionals with the requisite information for optimal decision-making when needed. The Shift methodology harnesses the power of agentic AI to facilitate the best possible actions at every stage of the claims process, thereby ensuring both efficiency and an excellent customer experience."

One of the standout features of Shift Claims is its capacity for AI and human collaboration. The system integrates seamlessly with existing claims management software, acting as an AI enhancement that aids in the day-to-day management of claims. The AI capabilities are trained on the insurer's specific processes and work in tandem with the claims team to classify, assess, triage, and prompt necessary actions or automate certain tasks entirely. Reports from early users indicate a remarkable 3% reduction in claims losses, a 30% acceleration in claims handling times, and an impressive 60% overall automation rate, with greater than 99% accuracy in claims assessments.

Key Transformations in Claims Management

Shift Claims focuses on four essential areas that improve claims management:
1. Assessment of Claims Complexity: The AI evaluates all aspects of claim documentation, identifying factors such as coverage exclusions, liability, and potential litigation.
2. Claims Classification and Prioritization: Once assessed, the AI categorizes claims according to their complexity, urgency, and exposure risk, determining whether tasks can be automated or assigned to the most suited handler.
3. Assistance and Guidance for Claims Handlers: Whenever human intervention is essential, the AI assists by providing effective communication strategies, decision-making support, and recommended next steps in the claims process.
4. Automation of Claims and Tasks: The AI automates the progression of claims and performs individual tasks, minimizing manual input and expediting resolutions.

As Sibony stated, "Shift Claims presents an exceptional opportunity for insurers to evolve beyond conventional claims handling strategies. By leveraging agentic AI today, our clients are not just adapting to changing industry standards, but are at the forefront of pioneering a future characterized by improved efficiency and innovation within claims management."

About Shift Technology: Shift Technology stands as a premier AI platform for the insurance domain, integrating generative, agentic, and predictive AI technologies, and aiming to revolutionize underwriting, claims management, and fraud detection. The platform prioritizes operational effectiveness, exceptional customer experiences, and demonstrable business results. Trust by leading insurers globally, Shift delivers AI solutions at scale with proven impacts. More information can be found at www.shift-technology.com.