At Shift’s core is a desire to help insurers make better decisions — decisions that impact the insurer’s business, its employees, and its customers. We do that by applying artificial intelligence (AI) and advanced data science techniques to various processes across the policy and claims lifecycle. We believe that by automating and optimising insurance decisioning we free insurers to “be there” for more customers in more ways than ever before.
What do you think makes this company unique?
There are certainly other companies touting the use of AI to help insurers, but when you take a closer look you’ll find some key aspects that I believe set us apart. For example, our solutions are built from the ground up to take advantage of AI. This is an important point of differentiation when it comes to supporting better decision making.
We’re able to not only spot things that other technology solutions can’t, but also provide actionable insights into the best next steps required to come to the best resolution. And that’s what good decision making is all about. Another big part of what makes Shift unique is that we’re 100 percent focused on the challenges facing the insurance industry. A horizontal AI platform that requires significant customisation simply can’t do what a purpose-built solution, designed to think like an insurance professional with decades of experience and expertise can do.
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How has the company evolved over the last couple of years?
Shift made a name for itself in the fraud detection space. Our founders, Jeremy Jawish, Eric Sibony, and David Durrleman all believed that AI and data science was the best way for insurers to mitigate the impact of fraud on the industry and its customers.
And even in those early days, there was always the idea that if we can use AI to successfully fight fraud, are there other insurance processes that are ripe for disruption and could benefit from applying AI and data science techniques? The answer was clearly yes.
Over the past couple of years we have expanded our solutions to address underwriting risk, help insurers confidently implement low touch/no touch strategies, identify and make decisions pertaining to recovery opportunities, and help identify those situations when a policy or a policyholder may be involved in committing financial crimes or pose a serious compliance risk.
What can we hope to see from Shift in the future?
Shift is going to continue imagining and inventing technology solutions that transform insurance decisions for the benefit of all. We’ll continue to work with our customers to identify processes across the policy and claims lifecycle that can benefit from the application of AI and data science to improve operational efficiency and the customer experience through better decision making.
And we’ll continue to promote the value of using shared data and industry level detection, such as what we’re doing with insurance organisations like the IFB in the UK, to fight insurance fraud.