Claims fraud costs the insurance industry hundreds of billions
of dollars every year. And the time it takes to
investigate suspicious claims leads to delays for legitimate customers. Shift Technology is changing
the way insurers detect fraud with AI-driven solutions powered by Microsoft Azure OpenAI Service, the cloud-based platform that enables developers to build and deploy generative AI
applications at scale. Anna is a fraud investigator at Contoso. She uses Shift to better
understand her lis
t of claims. Upon opening a specific claim
concerning a car accident, she sees the natural language summary generated by Shift's AI. The summary indicates that the claim has some major concerns, including inconsistent statements, past encounters between the two parties, and excessive repair estimates. The Shift alert indicates
a high degree of confidence that the claim should be referred
for further investigation. For the past decade, Shift has been at the forefront of AI-powered analytics
in th
e insurance industry, using policy and claims information, along with weather, geolocation, and other publicly
available third-party data to better understand claims. Today its solutions can now
apply generative AI to that data to give better information
to investigators, adjusters, and underwriters. Since integrating Azure OpenAI Service, the accuracy of detection
and key data extraction has increased to well over 90%. Built with responsible AI
principles at the foundation, Shift's AI-powered d
etection products enhance agents' performance
and productivity without taking away their
control or judgment. Shift surfaces the most relevant details quickly and accurately so Anna can avoid spending time tracking down data from various sources. And using Shift's insurance fraud and risk detection solutions, Anna can rapidly gain greater
understanding of the claim before making her determination. Shift is transforming
insurance decision-making. With generative AI powered
by Azure OpenAI Service
, insurance companies can
accurately identify fraud, save money, and process
legitimate claims faster, giving their customers the
best experience possible. Learn more at
aka.ms/cloudforfinancialservices.
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