(Image credit: Shutterstock.)
Shift Technology (Paris/Boston), a provider of AI-native fraud detection and claims automation solutions for the global insurance industry, has joined insur_space, MAPFRE’s (Madrid) startup engagement program. The companies say that during the the coming months they will develop a road map to deliver a new kind of claims experience, starting with homeowner claims related to water damage, the most common kind of home insurance claim.
Joan Cuscó, Director, insur_space by MAPFRE.
“Numerous studies show that filing an insurance claim is often cumbersome for customers and that the process typically takes longer than expected,” a Shift statement says. “Once they have notified their insurer of the incident, customers report finding it difficult to navigate the various steps of the claims process. They say that the amount of information required is sometimes overwhelming and they are uncertain of how things will be resolved. A negative claim experience is the leading driver of customers switching insurance carrier. From the insurer’s perspective, the situation is not much better: claims processing consumes significant time and resources. Human involvement is significant, even in the simplest of cases, and multiplies when an assessor needs to inspect and verify the damages in person.”
Shift’s claims automation solution uses AI to instantly identify those claims that can be indemnified immediately, separating them from those that require further intervention on the part of insurance professionals, according to the vendor. The technology reads the insured’s policy and analyzes documentation, images, and other forms of structured and unstructured data to make the right decision about the claim at every point in the process and delivers a rapid response based on objective criteria. The result, according to Shift, is a quantum leap in immediacy, with client response times measured in seconds instead of days.
Jérémy Jawish, CEO, Shift Technology.
“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,” explains Jérémy 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.”
‘Outstanding’ Step Forward
“Insurers are in no doubt that AI brings endless opportunities to profoundly transform the customer experience,” says Joan Cuscó, director, 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.”
Tokio Marine Indonesia Deploys Shift Technology to Fight Auto Insurance Fraud