Altus Insurance whitepaper spreads - Flipbook - Page 25
SHIFT
What does it do? Modular solutions covering:
fraud detection and risk assessment, AI-supported
loss noti昀椀cation and data capture, automated
document analysis and decision engine, and
recovery opportunity identi昀椀cation.
Prevention
Noti昀椀cation
Investigation
Sprout.AI
What does it do? Sprout utilises AI analytics
capabilities to interpret and understand
unstructured data submitted by a customer, and
large language models (LLM) to interrogate data
and provide a human-like response. It can be used
to guide handlers on next steps or to deliver fully
automated claims.
Prevention
Noti昀椀cation
What does it do? The Tractable solution applies AI
visual analysis to provide accurate assessments
of vehicle and property damage, and to support
automated estimates for repair.
Noti昀椀cation
What does it do? Verisk has developed a range of
solutions, in part through its acquisitive strategy.
These include a customer portal (ClaimXperience),
AI vehicle damage analysis (IVI), quantum
assessment tools (Xactimate, COA), liability
scenario modelling (BAIL) and fraud analytics
(FraudStar).
Prevention
Noti昀椀cation
Fraud
Claim Settlement
Fraud
Impact: Whilst the biggest strides have been
made in motor, there is signi昀椀cant potential to
reduce labour-intensive damage assessment
activity across product lines. For motor, Tractable
has made a signi昀椀cant impact with its clients, as
identi昀椀ed in the Ageas case study in Chapter 5.
Investigation
Verisk suite
Claim Settlement
Impact: Similar in terms of impact to SHIFT,
this solution removes much of the heavy li昀琀ing
involved in analysis and categorising of claims,
assessing coverage, estimating loss and
determining settlement decisions.
Investigation
Tractable
Prevention
Impact: SHIFT’s solutions are maturing, with
multiple major insurers globally and the UK’s
Insurance Fraud Bureau (IFB) as clients. Its
application of AI and machine learning to large
insurer and external datasets has applicability
to the wider claims value chain, and can be an
enabler for claims automation and augmentation.
Claim Settlement
Fraud
Impact: Through a combination of its more cuttingedge solutions and experience of delivering
so昀琀ware at scale in the UK, Verisk has the capacity
to support insurers transformative strategies for
claims with its range of solutions.
Investigation
Claim Settlement
Fraud
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