MAPFRE And Shift Technology Join Forces To Reinvent The Customer Claims Experience

The Spanish insurer is designing a new claims process supported by claims automation technology from the recognized AI startup.

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Shift Technology

Oct 19, 2020, 06:30 ET

PARIS and BOSTON, Oct. 19, 2020 /PRNewswire/ -- MAPFRE and Shift Technology, a provider of AI-native fraud detection and claims automation solutions for the global insurance industry, have come together to radically transform the way customers deal with insurance claims. Shift, who had already disrupted the insurance world with their acclaimed AI-powered fraud solution, is now leveraging its experience in claims to create a state-of-the-art, end-to-end claims automation solution. Together with MAPFRE, the company aims to deliver an instant, friendly and transparent experience.

Numerous studies show that filing an insurance claim is often cumbersome for customers and that the process typically takes longer than expected. Once they have notified their insurer of the incident, customers report finding it difficult to navigate the various steps of the claims process. They say that the amount of information required is sometimes overwhelming and they are uncertain of how things will be resolved. A negative claim experience is the leading driver of customers switching insurance carrier. From the insurer's perspective, the situation is not much better: claims processing consumes significant time and resources. Human involvement is significant, even in the simplest of cases, and multiplies when an assessor needs to inspect and verify the damages in person.

To help address this challenge, Shift has joined insur_space, MAPFRE's startup engagement program. Over the coming months, the two companies will develop a road map to deliver a new kind of claims experience, starting with homeowner claims related to water damage. Leaks are the main cause of domestic insurance claims, with studies showing that 54 percent of European homeowners have experienced a leak at some point. Artificial intelligence (AI) looks set to change this scenario rapidly.

Shift's claims automation solution uses AI to instantly identify those claims that can be indemnified immediately, separating them from those that require further intervention on the part of insurance professionals. The technology reads the insured's policy and analyzes documentation, images, and other forms of structured and unstructured data to make the right decision about the claim at every point in the process and delivers a rapid response based on objective criteria. The result is a quantum leap in immediacy: client response times are now measured in seconds instead of days.

"The unfortunate fact is that most consumers only interact with their insurance company when something has gone wrong, and a lengthy, unwieldy claims process only serves to make the situation worse," explained Jeremy Jawish, CEO and co-founder, Shift Technology. "Our number one goal is to help clients like MAPFRE deliver the best claims experience possible by providing the most accurate and efficient claims automation solutions available."

As Joan Cuscó, director of insur_space by MAPFRE said, "Insurers are in no doubt that AI brings endless opportunities to profoundly transform the customer experience. The industry has been working on this basis for a few years now, maybe with more impetus than success, particularly in the field of claims. We think that what Shift has achieved in claims automation is an outstanding step forward and we're honored to work with them."

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.

About MAPFRE

MAPFRE is a global insurer protecting what's most important to 27 million clients around the world. It is a leading player in the Spanish market and the largest Spanish-owned insurer in the world. MAPFRE is the third largest insurance group in Latin America and ranks sixth in Europe in Non-Life premium volume. With more than 34,000 employees, in 2019 MAPFRE generated revenues in excess of 28 billion euros, producing net earnings of 609 million euros. In 2018 the company introduced MAPFRE Open Innovation, their strategic commitment to drive customer-focused transformation through partnerships and the use of emerging technologies that create a positive impact on business and society. For more information please visit www.mapfre.com

MAPFRE Corporate Communication contact: Javier Ortega
Telephone: +34 616 978-181
Email: [email protected]

Shift Corporate Communication contact: Rob Morton
Telephone: +1 617-416-9216
Email: [email protected]

SOURCE Shift Technology