Claims Automation Shift Technology
From the filing of a claim to the policyholder payout; AI will be present every step of the way, reducing end-to-end handling time from weeks to minutes!
Launch date: 2018
Keywords: Claims Management, Robotics/AI
AI progress surrounding image processing, voice analysis, text deciphering, and chatbots are making the eventual overhaul of claims management a near inevitability. Equipped with a unique expertise accumulated over years of analyzing millions of P&C claims within our fraud detection product suite, we consider ourselves to be the best suited to lead this initiative. With increased automation comes a side effect of increased vulnerability to opportunism. Shift Technology, having successfully harnessed AI to reproduce a fraud handler’s deductive reasoning, is the only player fully prepared to mitigate the fraud risks associated with automating human processes. Our next product launch, currently in R&D and planned to debut in early 2018, endeavors to revolutionize claim handling. Implicated in the project are the following teams: Research, Data Science, IT.
The main result so far is that since October we have been able to automate the analysis of documents with incredible accuracy. On a test set of more than 1M documents, our AI module had a prediction rate of 81% with an accuracy of 97%, even higher than the one of human claim handlers. For a volume of 1M claims per year, this saves a workload worth of $50M and enables to reduce leakage by more than $20M per year.
Full story here: https://firstname.lastname@example.org/an-ai-that-understands-insurance-claims-9fb18546518d