AI-native fraud detection & claims automation

Shift Technology Demo, Dig|In 2019

Founded:

2014

Company Website:

www.shift-technology.com

Product Name:

FORCE & Luke

Product Description:

FORCE is an AI-native SaaS+ solution that detects, alerts, and provides contextual guidance for resolving potentially fraudulent claims. Unlike other solutions which rely heavily on business rules, Force’s AI uses a vast amount of data from multiple sources to dynamically generate a fraud score for each claim with a 75% hit rate.

Luke applies AI to every applicable step in the claims process – from FNOL to the final settlement – to determine which stages can be automated and which may require claim handler intervention. This results in an overall reduction in end-to-end handling time from weeks to minutes, while ensuring accuracy, reducing leakage and protecting the bottom line. Luke’s AI-native claims automation augments existing processes and procedures by offering data science resources and deep insurance expertise, in a SaaS+ solution that easily integrates with existing core systems.

Target Market:

Shift is 100% focused on the global insurance industry across all lines of business.

What makes your product great?

Shift is built on artificial intelligence from the ground up. We’re able to take advantage of a massive (and growing) body of data from both internal and 3rd party sources – backed by a growing team of data scientists solely focused on the insurance industry – to tackle the challenge of fraud detection and claims automation. Our technology is deployed in a SaaS+ model, which means it can be up and running quickly and generating real ROI early in the engagement. Customers have ongoing access to substantial data science domain experience, continual updates to features and functionality, scenario and model enhancements derived from our global customer base, and strategic partnerships with third-party data providers. Fundamentally, we’re the only AI-native, SaaS+ solutions for the global insurance industry available today.