Senior Accountant

Customers Achieve 95% Document Analysis Accuracy and Greater than 90% in Subrogation Liability Assessment From Shift SolutionsBOSTON and PARIS, June 26, 2024 /PRNewswire/ -- Shift Technology , a provider of AI-powered decision optimization solutions for the global insurance industry, today reported that customers using the company's generative artificial intelligence (AI) solutions are achieving significant accuracy and efficiency improvements in claims processes. Shift introduced generative AI into the company's detection products in 2023, tapping its power to extract the most relevant data from a wide variety of insurance documents and convert it into intuitive, targeted and actionable insights for claims handlers.It is estimated that claims professionals spend more than 30 percent of their time daily reading documents in order to extract the information required to effectively process policyholder claims. This traditionally manual process can be significantly time consuming, often resulting in delays that degrade the policyholder experience. Relying on claims professionals to manually review large volumes of physical or digital documents can also hinder the successful implementation of straight through processing or other claims automation initiatives.Generative AI is ideally suited to removing this responsibility from a claims handler's daily "to do" list. Real-world implementations of Shift's solutions demonstrate that insurers can achieve over 95 percent accuracy in extraction of key information from documents, providing the knowledge required to progress a claim through the system quickly and efficiently. This level of accuracy also provides confidence that a claim identified for straight through processing does not require human intervention

On December 19, Shift Technology announced the launch of a case management solution for claims fraud detection.

New AI-powered Capabilities Support Major Case and Individual InvestigationsBOSTON and PARIS, Dec. 19, 2023 /PRNewswire/ -- Shift Technology , a provider of AI-powered decision optimization solutions for the global insurance industry, today announced the availability of case management for claims fraud detection. Delivered as a fully-integrated add-on module for the company's award-winning Shift Claims Fraud Detection , Case Management provides an end-to-end workflow designed to meet the specific needs of SIUs as they investigate suspicious claims from referral to closure.According to the Coalition Against Insurance Fraud , insurers are subject to more than $300 billion in fraudulent claims per year. While effective detection is a crucial step in mitigating fraud, insurers also need an efficient method for managing, reporting and understanding the impact of the investigated claim on claims costs. Without an integrated approach, SIU teams face time-consuming investigations where they are forced to balance multiple systems and manual document collection, which may also expose them to regulatory and compliance issues. Shift's integrated case management module addresses these concerns by providing a self-contained, AI-powered environment with the functionality and tools required to take an investigation from initiation to completion in the most effective, efficient and complete manner possible."When considering how to best combat insurance fraud it is important to remember that finding the suspicious claim is just the beginning of the process for claims professionals and investigators," commented Nicolas Michellod, digital proposition leader, Celent