In recent analysis, Novarica, a leading insurance research, advisory and strategic consulting firm featured Shift Technology, a solution provider with a focus on enabling insurance organizations to successfully tackle the ongoing and growing claims fraud challenge, as an InsureTech of special interest for insurers seeking innovative partners.
In the report InsureTech for Insurers: 150 Startup Profiles, Shift was recognized for its artificial intelligence (AI) driven FORCETM fraud detection solution in the reports Analytics Arms Dealer category. According to Novarica, InsureTech companies were chosen for inclusion in the report based on a variety of criteria. These include having a particularly interesting or unique approach, the potential to become a significant player in their respective category, or because theres a valuable lesson for insurers to learn about the role bout emerging InsureTech can play in their businesses.
Every insurer should take stock of what is happening in the InsureTech space and learn the lessons that will make their organization stronger, noted Novaricas Jeff Goldberg, senior vice president of Research and Consulting at Novarica, and co-author of the report. Across all lines of business and across all sizes, insurers will feel the impact as InsureTech startups shift customer expectations and point the way for more effective, insightful operations.
Commenting specifically on Shift Technology, Novaricas Stephanie Dalwin, senior associate with Novarica, and a co-author of the report, added, While insurers typically use a combination of manual review and basic scoring for fraud detection, they should investigate partnerships with companies like Shift Technology to bring modern analytics and AI into their fraud fighting toolset.
Insurers are increasingly embracing digital transformation strategies to modernize the way they interact with customers and conduct business in general, stated Jeremy Jawish, CEO and co-founder, Shift Technology. The recognition from Novarica for the role were playing in AI driven fraud detection gives our customers further confidence in their decision to trust the FORCE solution.
The Novarica report profiles 150 InsureTech startupsincluding Analytics Arms Dealers, Beneficial Bots, Creative Carriers, and Digital Distributorsfrom the point of view of insurers. It focuses on two key questions: does this matter to my company, and what can we learn from it? For more information on the report visit https://novarica.com/insuretech-for-insurers-150-startup-profiles/.
About Shift Technology
Shift Technology is reinventing insurance claims processing. Using industry proven artificial intelligence (AI), the companys fraud detection solution Force„¢ provides insurance fraud handlers with a powerful decision-making platform specifically designed to scale their capacity and detect a wide spectrum of fraudulent behaviours. Since its launch in 2014, the company has raised more than $40M, expanded its global footprint and signed contracts with more than 60 insurers throughout Europe, Asia, and the Americas. The company has received industry recognition for its proprietary advances in Artificial Intelligence as it relates to the insurance industry, including being named a global AI Top 100 company for 2018 by CB Insights. Shifts team of talented data scientists, developers, and insurance industry veterans are applying their expertise to not only tackling the insurance fraud problem, but also improving the overall claims automation process.