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Shift Technology enhances insurance decisioning solutions with generative AI

By Delisha Fernandes

November 01, 2023

  • AI
  • FinTech Europe
  • Fintech news
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Shift Technology, Generative AI, Insurance Decisioning, risk detection, AI, machine learning, natural language, underwriting, Fintech news, Fintech EuropeShift Technology, a provider of AI-powered decision optimisation solutions for the global insurance industry, has announced the integration of generative artificial intelligence (AI) functionality across its suite of products.

These new capabilities deliver targeted, accurate insights and context to the risk detection and investigation processes, significantly improving decision-making speed and accuracy across underwriting and claims.

“What generative AI can do ‘out-of-the-box’ is truly impressive, but the results may be too generic or lack context when applied to the challenges of a specific industry, especially one as nuanced as insurance,” said Eric Sibony, chief scientist and chief product officer, Shift Technology. “For use in our solutions, we not only provide the insurance industry experience and expertise required for the model to deliver results in context, but also develop the highly focused data sets for it to analyze. This approach best reflects the needs of each customer and helps to maximize alignment to their own unique business cases.”

Shift has been using LLMs in its products since 2020 and advancing its generative AI work with leading insurers since early 2023. These capabilities are delivered via the company’s Generative AI Service Architecture that serves as a robust, service-based document processing pipe, increasing document processing accuracy, speed and consistency.

Shift’s generative AI capabilities are developed in partnership with and supported by Microsoft Azure OpenAI Service for Insurance, which helps to ensure enterprise-grade scalability, security, and reliability required by insurers. Shift has pioneered AI, including machine learning, natural language processing, optical character recognition and various other methods, to drive efficiency and accuracy throughout key insurance processes. Adopting generative AI into Shift’s solutions is a natural progression of its innovation and leadership in AI-powered insurance decisioning.

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