PARIS and BOSTON and CHICAGO, May 11, 2020 /PRNewswire/ -- Shift Technology, a provider of AI-native fraud detection and claims automation solutions, and Snapsheet, a leading provider of claims management technology and virtual appraisal solutions for insurance carriers, risk managers and TPAs, today announced a strategic partnership between the two companies. As a result of the agreement, users of Snapsheet's claims management platform can receive notification of suspicious claims directly from Shift's Force fraud detection technology.
The goal of every insurer is to settle policyholder claims as quickly, fairly and accurately as possible. The ability to do so benefits not only the insurer, but also its customers. Having an effective claims management strategy in place, supported by the right combination of technology, is critical to making sure both the business' and the policyholders' expectations are met. Snapsheet addresses these requirements by delivering Snapsheet Claims, a digital-first, cloud-native claims management solution designed to provide faster, better experiences for all parties involved in the claims process.
"For most insurers, the claims process is incredibly manual and complex, and without effective technology in place, everyone involved suffers," explained Brad Weisberg, CEO and founder, Snapsheet. "We've developed a software platform that digitizes the claims process, making it significantly more efficient and easier to navigate. With our API-driven platform, incorporating fraud detection from Shift is only a click away, and is another key way in which we can give claims professionals the tools needed to do their job as effectively as possible."
Shift's Force fraud detection solution applies a unique approach to the problem of spotting suspicious claims that combines sophisticated artificial intelligence (AI) and data science expertise to replicate the deductive reasoning of an insurer's best investigators and fraud handlers. Accuracy and efficiency are improved when AI solutions have access to significant amounts of varied types of data. As such, Force is able to analyze a range of structured and unstructured data — including scanned documents, images, and videos — along with external data sources, such as location and weather information, to uncover fraudulent activities that would otherwise go undetected.
"One of the most challenging aspects of the claims process is spotting which claims may be suspicious and why and then deciding what to do about it," stated Jeremy Jawish, CEO and co‑founder, Shift Technology. "Through our partnership with Snapsheet, we're giving our joint customers the power to uncover anomalies and identify potentially fraudulent claims within the claims management platform they're already familiar with, speeding up the overall process."
About Shift Technology
Shift Technology delivers the only AI-native fraud detection and claims automation solutions built specifically for the global insurance industry. Our SaaS solutions identify individual and network fraud with double the accuracy of competing offerings, and provide contextual guidance to help insurers achieve faster, more accurate claim resolutions. Shift has analyzed hundreds of millions of claims to date and was presented Frost & Sullivan's 2020 Global Claims Solutions for Insurance Market Leadership Award. For more information please visit www.shift-technology.com.
Snapsheet is the pioneering leader of virtual claims management processing technology, enabling the most innovative claims organizations to deliver the best experiences for customers. With a focus on digitization and intelligent automation, Snapsheet provides unmatched technology and processes that improve customer engagement, provide organizational agility and deliver transformational benefits through a range of cloud-native solutions in claims management, virtual appraisals, digital payments, and rental and fleet management. As a trusted innovation partner, Snapsheet has processed millions of claims and completed nearly $6 billion in appraisals for nearly 100 clients, including many of the largest insurance carriers in North America, third-party administrators and insurance and sharing economy disruptors. For more information visit www.snapsheetclaims.com.
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SOURCE Shift Technology