Insurance Innovation of the Month: Claims Automation by Shift Technology

Innovation of the month

12 December 2018

Efma Accenture’s Insurance Innovation of the Month award for December goes to Shift Technology for Claims Automation, a solution that enables insurers to automate claims analysis using artificial intelligence.

Almost every industry has automated critical business processes, and France-based solutions provider Shift Technologies is now helping insurance firms to do the same for claims processing.

Recognizing that insurance claims often take around a month to reimburse, Shift Technology wanted to shorten that time to just seconds. The company used artificial intelligence (AI) to create Claims Automation, which automates the claim handling responsibilities and enables insurance professionals to focus on customer service and other more valuable tasks.

The AI technology allows insurance firms to automatically process images, analyze voice recordings and decipher text.   

This means Shift Technology’s Claims Automation solution, which debuted in early 2018, can pay out certain types of claims within seconds of the first notice of loss.

“We do this by employing our AI model to analyse documents and photos to understand the circumstances of the claim and how it fits in with the policyholder’s contract to know whether or not the claim was covered,” said Stephanie Steel, chief of Staff at Shift Technology.

Shift Technology has been able to automatically analyze documents with a high degree of accuracy. On a test set of more than one million documents, the AI module had a prediction rate of 81% with an accuracy of 97%, even higher than that of human claim handlers. For a volume of one million claims per year, this saves a workload worth US$50 million and enables insurers to reduce leakage by more than US$20 million per year.

Submit your innovations on the Efma-Accenture Innovation in Insurance portal until 9 January to win the January 2019 Insurance Innovation of the Month. The winner will be automatically selected as a nominee for the 2019 Efma-Accenture Innovation in Insurance Awards. Participation is free of charge and open to all insurance players.

Keywords : AI/Robotics , Claims management

Geography : France