Shift builds on ILC triumph
7th February 2024Tweet
Shift Technology has been building on the success of winning ILC’s inaugural ClaimsTech – The Pitch event last September with a number of significant developments during the final quarter of 2023.
The company, which provides AI-powered decision automation and optimisation solutions for the global insurance industry, was one of six businesses to showcase their technologies at the ILC event.
It was awarded the ‘Insurance Experts and Investors Award’ after an audience of insurance experts and investors scored it highly across three key metrics: innovation; potential success; and possible usage/investment.
Ben Lazarevic, Account Executive at Shift, said at the time, “We are absolutely delighted to be acknowledged by the claims community as an innovative and successful solution. Thanks to the panel for their time and consideration, and thanks again to the ILC community for such a fantastic event.”
Shift worked with the IFB to develop and launch the IFB Exploration solution, which has been live since 2022. It’s an AI-driven counter-fraud solution that provides the industry with the ability to learn and adapt to new fraud threats by conducting network analysis on bad actors across the industry.
Since going live, the IFB has seen a six-fold increase in searches into potential fraud networks by UK insurers, with about 40 new threats now being discovered and investigated every week.
Jeremy Jawish, CEO and Co-Founder at Shift Technology, said: “Shift is proud to partner with the world’s leading Associations – including Singapore’s GIA & ALFA in France – to deliver best in class AI-powered solutions. By forging close partnerships with associations, we ensure these industries stay one step ahead of fraudsters, thereby protecting honest policyholders.”
Meanwhile, in October, the company announced that it had finalised an agreement with global information and insights company TransUnion to further enrich Shift’s Claims and Underwriting Fraud Detection models via a direct feed (APIs).
Jeremy explained, “The relationship between Shift and TransUnion provides significant benefit to our customers’ fraud mitigation strategies. TransUnion is well known for delivering quality data which is exactly what we want powering our award-winning fraud detection solution.”
Further, Shift’s focus on continued innovation was underpinned when it announced the integration of generative AI functionality across its entire suite of products.
Generative AI models analyse patterns in large data sets to generate new content, including text, images and other types of media. This new capability has provided users of Shift Claims Fraud Detection, Shift Subrogation Detection, Shift Improper Payment Detection, and Shift Underwriting Risk Detection with targeted, accurate insights around risk detection and investigation processes, supporting them in identifying suspicious behaviours across the policy and claims lifecycle more quickly.
Meanwhile, in the last few weeks the company has announced the availability of Advanced Case Management for claims fraud detection.
Delivered as a fully integrated add-on module for Shift Claims Fraud Detection, Advanced Case Management provides fraud investigators with the functionality and tools to take an investigation from initiation to completion in the most effective, efficient and complete manner possible.
Key capabilities include unified and integrated fraud investigation management, a bespoke approach designed to suit both individual and major case investigations, intelligent investigation covering automated assignment management, identification of team tasks, and structured collection and storage of evidence, and strategic insights to support continued training and improved efficiency.
Including a detailed audit trail and advanced access management and permission features, the solution also meets regulatory compliance and security protocols.
Eric Sibony, Co-Founder and Chief Scientific Officer at Shift said, “With Case Management for Shift Claims Fraud Detection we are giving investigators the full set of AI-powered tools they need, fully integrated into an environment which they already know, to do this important part of the job as quickly, thoroughly, and fairly as possible.”
Shift is also continuing to develop additional benefits and upgrades to its solution set with the assistance of generative AI. It has been working with LLMs (large language models) since 2020, and has extensive knowledge around the promises and the potential challenges associated with this AI approach. The real power of generative AI comes from its ability to analyse natural language and produce a usable result, however, as generative AI by itself lacks context, Shift complements and enriches the data with context specific to each claim or policy it considers.
ILC will be catching up with Shift further in the coming weeks – gaining a behind the scenes look at how the business continues to innovate, discuss its ongoing influence within the claims space and speak to the people who are helping make it all happen.Tweet