Artificial Intelligence company Shift Technology unveils Shift Claims, technology aimed at revolutionizing claims processing through Agentic AI.
Shift Technology Unveils Revolutionary AI Platform for Insurance Claims
In a groundbreaking move, Shift Technology has launched a new AI platform for insurance claims, dubbed Shift Claims. This innovative solution promises to transform the claims management landscape, ushering in a future of greater efficiency and innovation.
At the heart of Shift Claims is Agentic AI, an advanced form of AI that builds upon Generative AI (Gen AI) by enabling Language Models (LLMs) to take autonomous, task-specific actions. This agentic AI integrates seamlessly with existing claims and core systems, acting as an AI layer that automates claims processing and individual tasks throughout the claim journey.
The AI agents in Shift Claims are designed to classify, prioritize, and assign claims based on complexity, urgency, and exposure level. They evaluate coverage exclusion, liability, damage, injury, subrogation, and litigation exposure, providing insurers with a powerful tool for claims transformation.
Agentic AI in Shift Claims also increases automation when appropriate and offers guidance when a human claim handler is needed. An AI agent dynamically guides human claim handlers during document review, decision-making, communication, and negotiation, ensuring optimal decision-making while streamlining the claims process.
Early adopters of Shift Claims have reported impressive results. AXA Switzerland, for instance, sought an AI-powered solution to support claims transformation and increase automation while ensuring optimal decision-making for human claim handlers. The results have been promising, with reports of 3% lower claims losses, 30% faster claims handling, a 60% overall automation rate, and greater than 99% accuracy in claims assessment.
Shift Claims aims to speed processing, improve accuracy, lower claims losses and handling costs, and deliver better experiences for policyholders. The company's insurance-trained LLMs have proven effective at information extraction, document summarization, classification, and liability determination. Moreover, Shift's AI agents and Gen AI are trained on the insurer's own processes, ensuring a tailored and efficient solution.
The complexity and uniqueness of each claim have historically constrained claims transformation, making rules-based approaches ineffective. Shift Claims addresses this issue by leveraging the power of Agentic AI to assess, prioritize, guide, and automate tasks across the claims lifecycle, revolutionizing the insurance claims process.
In summary, Shift Technology's launch of Shift Claims marks a significant step forward in the insurance industry. By automating claims processing and individual tasks, the platform promises to transform the claims management landscape, leading to greater efficiency, innovation, and improved experiences for policyholders.
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