See how Shift Technology's GenAI capabilities can transform claims processing. Discover how our customer in the travel insurance industry achieved 57% automation, reducing processing time from weeks to minutes. In an industry where efficiency is paramount, Shift's innovative technology has transformed claims processing from a tedious manual task into a streamlined, automated experience, enhancing accuracy and increasing customer satisfaction.
This video is part of a series of interesting cases, featuring several of our insurance-focused team of data scientists.
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A US-based travel insurance company was manually handling around 400,000 claims per year. With each claim taking anywhere from about ten days to three weeks to process, this presented challenges to the customer experience. With the use of generative AI (GenAI), Shift was able to close that gap.
How our GenAI solution addressed the opportunity
Take for example, a claim about trip cancellation due to the insured illness. This type of claim comes with standard documents. Our GenAI will first identify and classify into dedicated categories, such as policy contracts, medical reports, a hotel invoice, and a train invoice. Based on these different types of documents, GenAI will extract various pieces of key information from them
- From the policy contract, it will extract names and coverage periods, as well as coverage and exclusion items to see if the claim reason is covered or not.
- From the medical report it will extract the patient name, the diagnosis, and the onset date in order to verify if the incident is within the coverage period.
Next, our GenAI will predict intermediary decisions for each single item to say if this coverage is met. If that execution is not met, then Shift's GenAI summarize all this into a final decision along with more detailed information which will be passed to the client.
Result
As a result of Shift's GenAI, we're able to improve the automation rate from 0% to 57%, and reduce processing time of the claim from three weeks to two minutes. Also among this 57% automation rate, it includes 46% of pay decisions and 11% of deny decisions. And for the pay decision we were able to reach to 98% of accuracy. This really brings speed, accuracy and even better customer experience.
