(Image source: NASA.)
Shift Technology (Paris), a provider of AI-powered decision optimization solutions for the global insurance industry, reported that customers using the company’s generative artificial intelligence (GenAI) solutions are achieving significant accuracy and efficiency improvements in claims processes. Shift relates that it 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.
Eric Sibony, Chief Scientist and Chief Product Officer, Shift Technology.
Shift cites an estimate 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 historically manual process can be significantly time-consuming, often resulting in delays that degrade the policyholder experience, a Shift statement notes. 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, the statement adds.
GenAI provides a means of freeing claims handlers from these manual tasks, according to Shift. The company says that it’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. That 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 reports that its 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 percent increase in referral acceptance rate and has helped make recovery efforts faster, easier and more profitable, the company says.
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 is making use of generative AI in a variety of ways.
Accessing Data to Automate Claims
“We have several ongoing initiatives, including claims automation projects, that require intelligent document processing to be successful,” says 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.”
Shift says it has been pioneering the use of AI to support insurance decisioning since 2014 and has been at the forefront of applying large language models (LLMs) to the particular challenges of the insurance industry since 2020. In the area of generative AI, Shift reports that it 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 claims its current approach to generative AI is also unique in that its capabilities run automatically in the background. Thus, 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 OpenAI Service for Insurance, and trained by Shift’s proprietary “insurance knowledge layer,” these solutions deliver the enterprise-grade scalability, security, reliability, and focus required by insurers.
Jeff Lieberman, Director of Special Investigation and Recovery, Central Insurance.
One early adopter of Shift’s generative AI capabilities, U.S. carrier Central Insurance (Van Wert, Ohio) has employed the technology in support of its advanced subrogation detection initiatives.
According to Jeff Lieberman, director, Special Investigations and Recovery, Central Mutual Insurance, “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 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 continues, “As a long time user of Shift analytics and one of the company’s first U.S.-based customers Shift technology is instrumental in aiding Central Mutual Insurance in the identification of both 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 truly make the experience seamless and are best in the industry.”
GenAI Ideally Suited to Data-Intensive Problems
“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.”
Central Insurance Expands Relationship with Shift Technology
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