There might be plenty that human beings can do well, but at the same time, there is little we do better than growing on a consistent basis. This progressive approach, on our part, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the right goods. The same has grown increasingly evident over the recent past, and assuming one new insurtech development shakes out just like we envision, it will only make that trend bigger and better moving forward.
Central Insurance has officially expanded its partnership with Shift Technology to include the latter’s Shift Subrogation Detection solution into its workflows. According to certain reports, the move is geared towards making Central Insurance more well-equipped in terms of identifying the claims for which a third party might bear partial or complete payment responsibility. Talk about the technology in question, the stated solution has the means to seamlessly spot out actual subrogation opportunities, and what is even more impressive is how it can do so at a big scale. Not just that, it can also go ahead and deliver at your disposal dedicated recommendations for claims handler actions. This, in particular, should prove enormously useful in any effort to reduce claims leakage, thus translating to a high-quality customer experience. But what actually gets Shift’s Subrogation Detection technology to deliver on its promised value proposition? Well, it leverages artificial intelligence to analyze claims data and then provide user a comprehensive yet digestible view of the same, including what happened, who was involved, and under specific circumstances, it can also figure out whether there are any other parties at fault. Furthermore, the product compliments that through timely alerts so to keep the user informed when it comes to the nature and specifics of the subrogation opportunity. By ensuring correspondence in such a manner, the hope is to realize an optimal brand of demands and recovery execution.
“When a policyholder files a claim, they want to be made whole for their loss,” said Jeff Lieberman, Director of Anti-Fraud and Recovery at Central Insurance. “The intricacy of what goes on behind the scenes is not important to them, but it’s very important to us. Anytime we’re able to efficiently and accurately identify if all or part of a claim is the responsibility of a third party, we ensure our policyholders are paid quickly while creating opportunities to recover that loss for the business.”
Central Insurance’s decision to embrace the technology in question, notably enough, comes after the company’s successful experience with one of Shift’s other solutions in Shift Claims Fraud Detection, which like the name suggests, was purposed around assessing claim-related procedures to pick on potentially suspicious activities. Hence, owing to this one and the new subrogation detection tool, Central will add sizeable accuracy to its existing knowhow of facilitating quick payments for all policyholders.
“Not all claims are the responsibility of the policyholder making the claim; however, it’s not always easy to make that determination,” said Paul Edwards, Vice President of Claims at Central Insurance. “Doing so has long been a manual and time-consuming process. Central is turning to innovative solutions like Shift Subrogation Detection to better understand what’s happening in the claims process and ensure the parties truly responsible for a loss are held accountable.”
Copyrights © 2024. All Right Reserved. The Money Outlook.