The Digital Innovation Award - Shift TechnologyShift insurance-suite
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The Shift Insurance Suite provides AI-powered solutions to automate and optimize insurance decision making. It offers products for claims fraud detection, claims automation, subrogation detection, underwriting fraud detection, and financial crime detection. The suite bridges the gap between data and decisions by incorporating new data into proven models and making all data available to its AI decision engine. This allows insurance professionals to automate and improve decision making across key functions. The Shift differentiates itself by having a 100% focus on solving carriers' biggest challenges, a proven track record of deployments, and highly accurate and scalable AI solutions.
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The Digital Innovation Award - Shift TechnologyShift insurance-suite
- 1. Confidential The Shift Insurance Suite - The Path to Better Insurance Decision Making
- 2. Confidential Continuous growth through innovation and investment since day one 2 3 Founders Seed round 2m$ Iris, Elaia First Client: Fraud Detection Series A 10m$ Accel First International Office Series B 28m$ Accel, General Catalyst Clients on 4 continents First Client: Claims Automation CB Insights Top 100 Global AI Opens Boston Office Series C 60m$ Bessemer Named to La French Tech Next 40 Fintech Global InsurTech 100 EFMA-Accenture Innovation in Insurance Award Launched Multi- product Strategy 350+ Employees 80+ Clients 10 International Offices CB Insights Fintech 250 First Client Subrogation Financial Crime Detection 2014 2018 2019 2020 2017 2016 2015 Our DNA: 100% Focus on Insurance 1 in 3 employees in Data Science, 50% investment in R&D Solving Insurance Decision Challenges through AI
- 3. Confidential A growing global footprint 3 55% P&C 30% Health 15% other LoBs 6 insurance Consortiums More than 1.6 billion claims analyzed 17 Clients in 6 Countries 50 Clients in 11 Countries 18 Clients in 7 Countries
- 4. Confidential The Insurance Decision Environment 4 FNOL / Reporting Claim review Solutions (for inspection, repairs or settlemnt) Inspection Appraisal First payment Repairs –Waiting time –Questions Alert review Investigation Decision/Action Invoices and other documents collect Invoices and other documents review Final payment Investigation with third parties Subrogation Recovery and deductible refund Agent portal Provider Call center CMS Policyholder In network Out of network Quote Onsite appraiser Appraisal system e.g. CCC Claim adjuster Agent Provider Policyholder Appraiser Upload document Recovery Quote SIU Policyholder Digital capture Pictures Claim adjuster Third party TP insurer Subro team Claim adjuster Estimation & Triage tool e.g. CCC, Xactimate No inspection Denials, Total loss Digital portal Policyholder, TP Claimant Review claim Review claim Industry portal (e.g. SafeLite) Email Policyholder, Agent, TP Claimant, TP Insurer Triage for suspicion or subrogation Assign provider Assign provider Write quote Send document Payment order Review document Guidance Notification Policyholder Payment order Adjuster Refund deductible Policyholder Notification Ask Answer Question Propose solutions Send request Negociate Review subrogation alert Get statement Insurance professionals make countless decisions
- 5. Confidential Structural Challenges Facing Insurance Decisions 5 Data: difficult to consider all available information Platforms: geared toward workflow, not decision making Human factor: natural limits to capacity & accuracy Underwriting Data Claims Data 3rd Party Data Entity Data Historical Policy Data Core Systems Human Teams Intuition & Experience- Driven Actions
- 6. Confidential Incorporate New Data Into Proven, Pre-Configured Models Make All Data Available to the Shift AI Decision Engine Automate & Optimize Decision Making In One or More Functional Areas Quickly Collect & Organize Existing Data Data to Decisions: Bridging the Gap 6
- 7. Confidential Shift Underwriting Fraud Detection Shift Claims Fraud Detection Shift Claims Automation Shift Subrogation Detection Shift Financial Crime Detection Auto Assistance Health Home Travel Workers’ Compensation Life THE S H I F T I N S U R A N C E S U I T E 7
- 8. Confidential Shift Claims Fraud Detection Impact Reduce fraud to drive efficiency and lower costs Efficiency Empower faster, more effective investigations with actionable contextual guidance Accuracy Find previously unseen individual and network fraud with unmatched accuracy 8
- 9. Confidential Shift Claims Automation 9 Claims loss reduction Increased utilization of preferred vendors and more accurate outcomes Workload savings Automated claims handling tasks don’t require human resource involvement Modern customer experience Automation enables faster processing,digital self- service, and satisfaction management
- 10. Confidential Shift Subrogation Detection Minimized false alerts Decision guidelines Subrogation explanations 10 Shift Subrogation Detection sends alerts in real time Actionable alerts optimized for operational use by Claims teams
- 11. Confidential Shift Underwriting Fraud Detection Risk Assessment Fraud Assessment Compliance Assessment Application Validation 100% automates a complete set of checks and controls
- 12. Confidential Shift Financial Crime Detection 12 AML (Anti-Money Laundering) Monitoring Internal Fraud Checks Compliance Support KYC (Know Your Customer) Validation 100% automates a complete set of checks and controls across entities and transactions
- 13. Confidential Shift Differentiation 13 100% Focused on Carriers’ Biggest Decision Making Challenges. Proven Deployment, Accelerated Path to ROI. Highly Accurate & Scalable.