Paris-based Shift Technology raises €53 million Series C for its AI solution to detect insurance fraud

shift_technology

Paris-based Shift Technology provides AI-based fraud detection and claims automation solutions for the global insurance industry. The startup has just raised a €53 million in a Series C round, bringing total investment in the company to €88 million. The round was led by Bessemer Venture Partners with participation from existing investors including Accel, General Catalyst and Iris Capital.

Founded in 2014, Shift Technology has since experienced strong global growth, and now employs 200 people from its headquarters in Paris and offices in BostonTokyoTorontoLondonHong KongMadridSingapore, and Zurich.

FORCE, Shift’s fraud detection solution, is being used by insurers around the world across all lines of business. The solution has already analysed hundreds of millions of claims to identify potential fraud, giving fraud handlers a powerful decision-making platform specifically designed to scale their capacity and add greater efficiency to claims processing.

“We are thrilled to partner with the Shift team. They have built a powerful AI platform that is transforming the insurance market and we are confident that they are just getting started,” said Charles Birnbaum, partner at Bessemer Venture Partners. “The Shift team has already had a great deal of success with carriers all over the world and we are excited to support their next phase of growth as they help their customers navigate the digital transformation that is now in full swing in this industry.”

This new funding will support continued evolution of Shift’s fraud detection solutions and enable the company to accelerate product development focused on automating the entire claims process for carriers and their customers. Shift will provide a claims automation solution that mitigates the increased fraud risks and other unique challenges of high‑volume, low-touch claims analysis. This will enable carriers to provide an exceptional customer experience by confidently delivering straight through processing at greater scale than previously possible. AXA Spain, a long-time Shift client and early adopter of the company’s solutions, is already benefiting from Shift’s innovations in the claim automation space.

In addition to supporting new product innovation, this latest funding round will be used to drive go-to-market strategies in key geographies. The company is expanding its US headquarters in Boston and its offices in Tokyo, and plans to hire for positions including data scientists, developers, and sales and marketing professionals.

“I’m incredibly proud of what our team – with the support of an amazing board of directors – has been able to accomplish in a relatively short time,” stated Jeremy Jawish, CEO and co-founder, Shift Technology. “Our AI-native technology is helping the world’s leading insurance companies inject greater efficiency and accuracy into their systems. We’re supporting their digital transformation strategies and helping them improve customer satisfaction. We strongly believe that AI can benefit so many more aspects of the claims process and of the insurance policy lifecycle overall. With this investment, we’re well positioned for our next phase of growth and development.”

MIGHT BE INTERESTING FOR YOU:

LEAVE A REPLY

Please enter your comment!
Please enter your name here