According to Gartner analyst Kimberly Harris-Ferrante, in the report Innovation Insight for Artificial Intelligence in Life and P&C Insurance*, “Adoption and maturity of AI are increasing among insurance early adopters as they test new use cases and technologies. Insurance CIOs can benefit from greater awareness of AI fundamental use cases and the impact of AI to help guide innovation.” At Shift, we couldn’t agree more.
Our products, Force & Luke – designed to give insurers innovative tools to fight fraud and smartly introduce greater automation into the claims process – have AI at their core. We made the determination early on that the best way to empower claims professionals to do their jobs more efficiently and more accurately was to deliver solutions that mirrored the way they already thought about the insurance claims process, but did it at scale. Simple business rules alone could never accomplish that. And, especially in the realm of fraud detection, might even make their jobs harder by introducing more false positives into the mix.
In our opinion, the report specifically calls out the decision support capabilities AI can bring to forward-thinking carriers. And to that point, we definitely think Force is exceptional at what Gartner describes as “real-time decisioning,” with the analyst firm citing fraud detection as a core example. We believe also that the report highlights “Decision automation,” identified as exception processing or no-touch claims handling, as out as a solid use case for where AI can benefit today’s insurers – which is exactly what we provide with Luke. And finally, we strongly feel that Force & Luke are exceptional at “big data analysis using structured and unstructured data for complex analysis.”
Check out the full report to learn more about Gartner’s take on the role AI can play in driving innovation in the insurance industry.