Shift Technology, a provider of AI-native fraud detection and claims automation solutions, announced the company was named the 2020 Global Claims Solutions for Insurance Market Leadership Award Winner by Frost & Sullivan. The information and growth consulting organization’s “Best Practices Awards” are independent, research-backed accolades that identify the market’s true leaders and innovators.
Read More: Kensho Collaborates with NVIDIA to Advance Automatic Speech Recognition
To determine award recipients, analysts from Frost & Sullivan focus on a set of specific criteria to identify the areas of performance excellence that led to the company’s leadership position. These include assessment of the recipient’s growth strategy, product quality and differentiation, technology innovation, and brand strength, among others. Taken together, Shift was recognized for “providing an invaluable service to the insurance industry to which it has completely dedicated its efforts.”
According to Clare Walker, principal consultant, Business and Financial Services, Frost & Sullivan, “Shift Technology’s dedication to the insurance industry and high level of innovation in automation and fraud detection ensure that clients derive immense value in the form of operational efficiency, data analysis, and risk mitigation.”
Frost & Sullivan recognizes that the insurance industry is in a state of incredible transformation, with many carriers exploring how InsurTech can be used inject greater efficiency into the claims process, ultimately improving the policyholder experience. At the same time, insurers must be cognizant that improperly deployed InsurTech can lead to more problems than it solves.
Continued Walker, “By leveraging artificial intelligence and machine learning in its claims automation and fraud detection solutions, Luke and Force, Shift Technology enables insurance companies to go beyond static business rules analysis and take into account crucial contextual data; providing a fuller picture of a claim and, ultimately, making a huge business impact.”
Read More: GlobalFintechSeries Interview with Brandon Dewitt, Co-founder and CTO at MX
