Shift Technology, a leading provider of AI-powered decision optimization solutions for the global insurance industry, has announced the integration of generative artificial intelligence (AI) functionality across its suite of products. This exciting development promises targeted and accurate insights that significantly enhance decision-making speed and accuracy, revolutionizing underwriting and claims in the insurance sector.
Generative AI refers to the use of AI models that analyze patterns in extensive datasets to generate new content, including text, images, and other forms of media. By leveraging vast amounts of data, generative AI enables a deeper understanding of complex information and enhances insights that drive informed decisions.
Shift Technology’s Approach
To achieve optimal results, Shift’s generative AI models are further trained using their proprietary “insurance knowledge layer.” This layer consists of industry-specific data and contextual information unique to individual insurers. By combining this layer with generative AI, Shift ensures the utmost accuracy and tailored functionality catered specifically to the insurance industry. Shift Technology’s generative AI capabilities have been developed in collaboration with the Microsoft Azure OpenAI Service for Insurance. This partnership ensures enterprise-grade scalability, security, and the reliability needed by insurers to successfully implement and leverage generative AI solutions.
Improved Decision-Making Speed and Accuracy
Generative AI provides insurers with targeted and accurate insights, enabling faster and more accurate decision-making. This transformation significantly speeds up processes and optimizes outcomes across underwriting and claims operations.
Enhanced Risk Detection and Investigation Processes
Generative AI excels in analyzing complex and varied datasets, including both structured and unstructured data. This advanced capability enhances accuracy in identifying risks and delivers targeted investigative guidelines. Insurers can intelligently navigate potential fraud cases and streamline their investigation efforts more effectively.
Fraud and Risk Detection
By analyzing diverse datasets, generative AI enhances accuracy in the detection of fraudulent claims and potential risks. It provides invaluable insights that help insurers identify suspicious patterns, enabling targeted investigative guidelines and improving fraud prevention measures.
Subrogation Detection
Generative AI enables insurers to accurately identify subrogation opportunities across multiple exposure types. By incorporating generative AI into the process, insurers can analyze vast datasets more comprehensively, leading to better identification and optimization of subrogation possibilities.
Intelligent Document Summaries
Generative AI can quickly summarize large sets of documents such as notes, statements, and medical records. Its ability to ask contextual questions expedites the risk detection process, enabling insurers to assess potential hazards efficiently. This saves time and resources while ensuring thorough and effective investigations.
Results and Success of Generative AI Integration
Preliminary results show that the integration of generative AI into Shift Technology’s algorithms has yielded significant improvements in detecting claims fraud, underwriting risk, and subrogation opportunities. By leveraging generative AI, Shift is paving the way for a new era of innovative, AI-powered insurance decision-making.
The integration of generative AI into Shift Technology’s suite of products represents a groundbreaking advancement in the insurance industry. With improved decision-making speed and enhanced risk detection and investigation processes, insurers can mitigate risks more effectively and optimize their operations. Shift’s innovation and leadership in AI-powered insurance decision-making underscore their commitment to delivering transformative solutions that revolutionize the industry. As the adoption of generative AI expands, it holds immense potential for further advancement and innovation within the insurance sector.