Project Overview
Shift Technology’s generative AI improves document analysis accuracy for insurers, reaching over 95% in claims processing and 90% in subrogation liability assessment.
Layman's Explanation
Shift Technology uses advanced generative AI to speed up and improve accuracy in processing insurance claims by automatically analyzing documents, helping claims handlers spend less time on paperwork and more time on complex issues.
Analogy
This is like having an automated assistant in an insurance office that reads and summarizes all relevant documents for each case, ensuring claims are processed accurately and swiftly without human delay.
Details
Shift Technology has integrated generative AI to automate document processing and analysis for insurers, eliminating much of the manual workload for claims handlers. This technology can extract key information from structured and unstructured data, enabling rapid, accurate claims processing that supports straight-through processing initiatives, with results such as a 95% accuracy in data extraction and a 90% accuracy in subrogation assessments. Notably, insurers using this solution have seen benefits such as a doubling of subrogation referral volume and a 30% increase in acceptance rates. Shift’s solutions operate on Microsoft Azure OpenAI, leveraging Shift’s proprietary insurance knowledge framework for scalability and data security.