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How is Shift Technology tackling insurance fraud with AI?

As adoption of AI continues we look at shift Technology, a provider of AI-driven decision automation and optimization technology for the insurance industry.

Shift technology was startup by French insurtech which was founded in 2014 on belief of AI (Artificial Intelligence)  to have potential to unlock the future of insurance, solve fraud and claims automation challenges while empowering insurer to deliver amazing n good experience to the customer. 

There are hundreds of insurance -focused on various things such as Data Scientists, Customer Success and Project Managers, which helps the company to create a good presence and expand globally into offices in various states like Paris, Boston, Tokyo, London, Madrid, Zurich, Singapore, Toronto, Sao Paul and Hong Kong.

Shift helps insurers to achieve faster n more accurate claims n policy resolution. The company has offer which are suit for health service, P&C, life, workers compensation and travel etc. 

Creating better fraud protection with AI 

End of the year , LexiNexis Risk solutions is a leading provider of data and analytics for the insurance companies, for Shift Technology is a strategic alliance. 

“As the insurance industry shifts from batch to transactional data delivered in near real-time, carriers want deeper insights into potential fraud and risks at the first notice of loss in order to lower claims expenses and shorten cycle times,” said Tanner Sheehan vice president and general manager of U.S. claims solutions, LexisNexis Risk Solutions.

The adoption of Al in the insurance industry 

Due to COVID-19 the timeline for adoption of AI is significantly accelerating digitisation for insurers. 

According to the International data corporation , spending on cognitive and AI systems will reach US$77.6bn in 2022 with a significant amount of that investment directed to conversational AI applications such as chatbots and deep learning and machine learning applications.

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