Shift's Solutions Recognized for
Sophistication and
Breadth of Technology and Leading
Market Presence
BOSTON and PARIS, Sept. 10,
2024 /PRNewswire/ -- Shift Technology, a
provider of AI-powered decision optimization solutions for the
global insurance industry, today announced that Shift Claims
Fraud Detection and Shift Improper Payment
Detection/Fraud, Waste and Abuse Detection achieved
Luminary status in Celent's recently published Insurance
Fraud-Detection Solutions: Property and Casualty
Insurance, 2024 Edition and Insurance Fraud-Detection
Solutions: Health Insurance, 2024 Edition respectively. Celent
defines a Luminary as a technology that excels in solution
capabilities and demonstrates a leading market presence.
According to the Coalition Against Insurance Fraud,
$45 billion in insurance losses
recorded by P&C insurers annually are attributed to
fraud, with an estimated 10 percent of claims showing
evidence of fraudulent activity. Further, It is estimated that
fraud, waste, and abuse (FWA) is equivalent to 10% of
total healthcare spending per year, or more than $400 billion annually in the US alone. As
evidenced by Celent's recognition, Shift's fraud
detection solutions meet the challenges of insurance
fraud head on.
Since its founding in 2014, the company has been harnessing the
power of artificial intelligence (AI) to help insurers detect more
fraud, investigate suspicious claims or suspected
incidents of fraud, waste and abuse (FWA) more
effectively, and settle claims as quickly, accurately and fairly as
possible. Beginning in 2020, the company has been at the forefront
of using Large Language Models (LLMs) and Generative AI (GenAI) to
bring even greater efficiency and accuracy to the
fraud detection process. In both reports, Shift's
capabilities in these areas are highlighted as market leading,
including support for AI and GenAI powered detection and case
management.
"We are pleased to recognize Shift Technology's 'Shift Claims
Fraud Detection' and 'Shift Fraud, Waste,
and Abuse Detection/Improper Payment Detection as Luminary
solutions in our Insurance Fraud Detection reports for
P&C and Health insurance, respectively," said Fabio Sarrico, analyst, Research and Advisory,
Celent. "Being designated as a Luminary solution signifies
that both of Shift Technology's solutions excel in terms of
functionality and technology in Celent's evaluation, making them a
compelling choice for insurers seeking a fraud
detection solution in the market."
The Celent Insurance Fraud-Detection Solutions:
Property and Casualty Insurance, 2024 Edition and Insurance
Fraud-Detection Solutions: Health Insurance, 2024
Edition reports provide insurers with an overview of participating
vendors' functionality, customer base, technology, SaaS
capabilities, implementation, pricing, and support. Each report
also includes the Technical Capability Matrix which places each
solution into one of five categories based on the sophistication
and breadth of its technology and functionality with Luminary being
the highest possible placement.
"Being named a Celent Luminary demonstrates to the insurance
industry that Shift possesses the right combination of technical
excellence, solution functionality, and the experience and
expertise required to help insurers and health plans implement and
execute incredibly effective fraud and FWA detection
strategies," stated Jeremy Jawish,
CEO and co-founder, Shift Technology. "The ability to effectively
mitigate the impact of fraud on the bottom line is
truly a game changer."
About Shift Technology
Shift Technology delivers AI-powered decisioning solutions to
benefit the global insurance industry and its customers. Our
products enable the world's leading insurers to improve combined
ratios by optimizing and automating critical decisions across the
policy lifecycle. Shift solutions help mitigate fraud
and risk, increase operational efficiency, and deliver superior
customer experiences. Learn more at www.shift-technology.com.
Contacts:
Rob
Morton
Corporate Communications
Shift Technology
+1.617.416.9216
rob.morton@shift-technology.com
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SOURCE Shift Technology