Artificial intelligence (AI) empowers subrogation teams to drive more savings. Using advanced analytics and external data sources, viable recovery opportunities can quickly be identified to help handlers be more effective and efficient in subrogation pursuits. More specifically, here are some of the ways AI is improving subrogation:
Watch the video or read the transcript to learn more about how AI is revolutionizing subrogation.
Mike Braatz, CMO Shift Technology: "Shift has been a big player in the claim space for a long time with our solutions for claims fraud detection and claims automation, and we wanted to expand the value we were offering customers. And subrogation was a natural fit. Subrogation is a complex problem. It involves lots of data, lots of documents, and very complex rules that can be country or even state specific. So it's really a natural fit for artificial intelligence and the insurance expertise that Shift's team brings to the table."
Michael Loiseau, Shift SME, Subrogation: "The solution analyzes key data fields as well as free form text, and provides contextual support based on that information as to whether or not there may be a recovery opportunity. It also provides a liability estimation as well as key contextual support in our alert. So when I think about AI and genAI, it helps to accelerate the process around the identification. And what I mean by that is it has the ability to call out key information in the free form text as well as certain data fields that help with the viability related to the recovery on a claim. Another benefit that we provide is that through the use of Gen AI, we provide that consistency at the exposure level. And with that comes improved numbers, improved dollars, and improved efficiency for the recovery specialist or adjuster that may be handling the claim."
Bill Deppe, Shift Sr. Customer Success Manager: "Feedback from our customers is very, very strong. At first there's some skepticism... but overwhelmingly in all cases, Shift has outperformed expectations. Millions of dollars are saved each month with our customers, and these are raw new opportunities that would not have been previously identified. So, Shift really does enhance the subrogation claim process. There are several carriers that have really, really good subrogation teams, and they're great at identifying segregation opportunities. Where shift can help with that is to enhance their current models. We have the ability to work with carriers' current models- enhance those models and provide even more opportunities. So when we talk about a strong subrogation organization that's great, right? But shift can still help and assist with that. And when you think about incremental percentage increases in recovery, even a 1 or 2% lift can add tremendous value to an organization when you look at the overall number of segregation claims that are coming in."
With Shift's AI, customers are realizing millions in savings. Shift Subrogation provides comprehensive, explainable reasoning for even the most advanced subrogation teams to reduce cycle times and improve recoveries. Contact us or schedule a demo to learn more.