The insurance industry is built on trust. Policyholders pay their premiums. From there, they trust fair compensation will occur quickly and efficiently if a mishap which is covered by their policy takes place. And if this confidence is broken, the system doesn’t work. If that happens enough times, simply put, nobody would buy insurance policies anymore.
And while the solutions Shift offers to insurers support this model by helping carriers separate legitimate claims from the fraudulent and speed the overall claims process, it’s the concept of trust – in this case the trust between Shift and its insurance carrier partners – that I’d like to address. Because, much in the same way that the compact between insurer and insured breaks down if trust is violated, the relationship between Shift and its clients simply cannot exist without trust.
Our fraud detection and claims automation solutions rely on the power of artificial intelligence (AI) to deliver value to our clients. To be at their most effective level, AI-based technologies require significant amounts of data. And while Shift is unique in its ability to incorporate a considerable amount of outside, or third-party, data into our models, the primary source of data driving our clients’ deployments comes directly from them. It’s the powerful pairing of internal and external data sources that drives real value for our customers. This is why trust is so important. Our clients trust us to keep their data safe, secure, and private.
This is something we take incredibly seriously. From a data privacy perspective, we maintain GDPR compliance in every region in which we do business and continually make sure that our servers meet or exceed the established standards for storing personally identifiable information (PII) and health data records. We’re incredibly proud that we’ve completed our SOC 2 Type 1 examination and achieved our ISO/IEC 27001 certification – giving our clients confidence that we not only have reliable security controls in place, but also an established framework to effectively manage them. And perhaps most importantly, we don’t rest on our laurels. The Shift InfoSec team is constantly evaluating our security measures, participating in security audits with our clients, and training and educating all Shift employees in our ongoing efforts to treat our clients’ data as if it were our own.