(Image credit: Adobe Stock.)
LexisNexis Risk Solutions, a provider of data and analytics for the insurance industry, and Shift Technology, a provider of AI-driven decision automation and optimization solutions for the global insurance industry, announced today that they have entered a strategic alliance. As a result, insurance carriers can now seamlessly incorporate LexisNexis Claims Clarity data and analytics into Shift’s insurance decisioning artificial intelligence (AI) models, allowing carriers to better predict fraud and risk at the first notice of loss, according to a joint statement from the companies.
The two companies characterize their alliance as fitting within a trend of insurers adopting low-touch and straight-through claims processing strategies. “For these initiatives to be successful, it is critical that claims professionals have the right data to know when claims can be fast‑tracked or when they require further triage and closer examination,” the joint statement says.
LexisNexis Risk Solutions provides insurers with system-to-system, actionable party and vehicle data in near real-time. The data and analytics leader delivers more accurate and robust, third-party data sets that insurers can leverage to successfully fast-track more than 80 percent of claims with a high degree of confidence, according to the vendors. As a consequence, insurers are able to focus on more complex claims and accelerate more straightforward claims through the claims process to achieve a greater customer experience.
Shift Technology applies AI to help insurers make better decisions throughout the claims process related to fraud detection, subrogation detection, documents, and the need for adjusters or claims handlers to be involved in settlement. The ability to use LexisNexis Risk Solutions data and analytics to inform Shift solutions such as Shift Claims Fraud Detection and Shift Subrogation Detection creates new and powerful ways to use data to settle claims as quickly, accurately, and as fairly as possible, the vendors say.
“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,” comments Tanner Sheehan, VP and general manager, U.S. claims solutions, LexisNexis Risk Solutions. “Combining LexisNexis Risk Solutions data and analytics with Shift’s AI creates a powerful resource for our shared customers to process claims effectively and efficiently in the digital economy and, most importantly, deliver exceptional customer experiences.”
Best Possible Claims Decisions
“The effective use of AI requires access to high-quality, relevant data to fuel its models and we have made it our mission to ensure our solutions can make effective use of the many types of data available in insurers’ environments,” says Drew Whitmore, head of partnerships, Shift Technology. “Our alliance with LexisNexis Risk Solutions is an important milestone in helping our joint customers achieve the insights required to make the best claims decisions possible.”