Shift Technology (Paris/Boston), a provider of AI-powered decision optimization solutions for the global insurance industry, has announced the integration of generative artificial intelligence (Gen AI) functionality across its suite of products. These new capabilities deliver targeted, accurate insights and context to the risk detection and investigation processes, resulting in significant improvements in decision-making speed and accuracy across underwriting and claims, according to a Shift statement. Users of Shift Claims Fraud Detection, Shift Subrogation Detection, Shift Improper Payment Detection, and Shift Underwriting Risk Detection can take immediate advantage of the added benefits provided by generative AI in identifying suspicious behavior across the policy and claims lifecycle as well as uncovering subrogation/recovery opportunities, the vendor statement says.
In its announcement about the new capabilities, Shift explains that Gen AI models analyze patterns in large data sets to generate new content, including text, images and other types of media. Large language models (LLMs) are a type of generative AI used to understand and produce text-based content. Shift notes that its LLMs are further trained by Shift’s proprietary “insurance knowledge layer,” derived from data and context specific to the insurance industry as well as information unique to individual insurers. Incorporating Gen AI into existing solutions allows insurers to harness its benefits without requiring significant investments in new projects, the vendor explains.