AI insurtech Shift joins MAPFRE's startup program
MAPFRE has brought Shift Technology, a claims-technology insurtech focusing on AI fraud detection, into its insur_space corporate accelerator program.
Launched in 2018, the insur_space gives selected insurtechs access to MAPFRE resources to scale up their offerings. In this case, Shift will work to develop an end-to-end claims automation platform, starting with water-damage claims from leaks. The goal is to use AI to identify claims that can be paid out fast and automatically, without human intervention.
"Insurers are in no doubt that AI brings endless opportunities to profoundly transform the customer experience," says Joan Cuscó, director of insur_space by MAPFRE. "The industry has been working on this basis for a few years now, maybe with more impetus than success, particularly in the field of claims. We think that what Shift has achieved in claims automation is an outstanding step forward and we're honored to work with them."
The companies cited research indicating that in MAPFRE's home region of Europe, 54% of home insurance claims are from leaks. However, the process for resolving them is form-intensive and, if the experience is bad, can lead to customers switching carriers.
"The unfortunate fact is that most consumers only interact with their insurance company when something has gone wrong, and a lengthy, unwieldy claims process only serves to make the situation worse," says Jeremy Jawish, CEO and co-founder, Shift Technology. "Our number one goal is to help clients like MAPFRE deliver the best claims experience possible by providing the most accurate and efficient claims automation solutions available."