Recently, the Shift team headed to Austin, TX to participate in DigIn 2019. Billed as the event to present the “Digital Future of Insurance,” the conference offered attendees a look at how technology could improve processes, support the development of new insurance products and services, and help forward-thinking insurers deliver phenomenal customer experiences.
Shift had the opportunity to show firsthand how our AI-native fraud detection and claims automation solutions can deliver on process improvement and help insurers reinvent what the customer experience can be. Attendees were able to see a live demonstration of FORCE (fraud detection) and Luke (claims automation) working seamlessly to process and payout an honest claim in only minutes as well as detect the potential for fraud in a second claim and refer it for further investigation before paying the claim. Check it out here
The good thing is that our demo struck a chord with a lot of the insurance professionals attending the conference. We heard from folks that their organizations were really interested in claims automation – from both an operational and customer satisfaction perspective – but at the same time weren’t exactly sure where to begin. And much of the hesitation came from the fear that automation would open the door to increased potential for fraud. We heard the same question come up in multiple conversations, “If we’re going to invest in automation and give our customers a self-service option, how do we mitigate the risk?” Our ability to show claims automation and fraud detection effectively working together definitely got the people we were talking to thinking about how to make automation work in their organizations.
The other thing we heard repeatedly from attendees was an interest and desire to apply effective fraud detection to other parts of the policy life cycle – most specifically point-of-sale and underwriting. Attendees are seeing how AI-based fraud detection could be applied more holistically to insurance policies, benefiting their companies and their customers at multiple points in the natural progression of a policy, from underwriting all the way through to renewal.
And finally, one last observation from the show floor. As insurers become more comfortable with the “digitization” of their industry, some traditional barriers are breaking down. For years, the deployment model for insurance technology was on premises and on premises only. But times are changing. A good number of the people we spoke with during DigIn 2019 are evaluating technology solutions delivered via a SaaS model. They told us that ease of deployment, affordable pricing models, operational efficiencies and natural upgrade paths all made SaaS solutions attractive options for supporting their digitization strategies.
The insurance industry is changing. Insurers are thinking seriously about how new technology and new technology approaches can benefit their businesses and ultimately their customers. Here at Shift, we’re at the vanguard of how artificial intelligence can support insurers in their strategies to reduce the impact of fraud and increase the options for customer self-service and claims automation. It’s an exciting time to be part of the InsurTech ecosystem. To learn more about what we have to offer, check out https://local.shift-technology.com/solutions/.