Shift Technology is a Paris-based startup providing AI-based fraud detection for the global insurance industry. It offers a fraud detection solution called FORCE, which is used by insurers all over the world across all business sectors. It has already analysed hundreds of millions of claims that identify potential fraud. Also, it has provided fraud handlers with a decision-making platform designed to scale their capacity and add efficiency to claims processing.
€53 million in a Series C funding
Now, this startup has secured €53 million in a Series C funding round led by Bessemer Venture Partners along with participation from its existing investors such as General Catalyst, Accel and Iris Capital.
Shift Technology was founded in 2014 by David Durrleman, Eric Sibony and Jeremy Jawish. It has its headquarters in Paris and offices spread across the world including Singapore, Hong Kong, London, Madrid, Zurich, Toronto, Tokyo and Boston.
Focuses on product development
This new funding will be used for the continuous evolution of its fraud detection solutions. Also, it will be channelled for the acceleration of product development, which is focused on automating the claims process. Shift will come up with a claims automation solution mitigating the high fraud risks and other challenges. This way, carriers will be able to provide a great customer experience.
A long-time client of Shift, AXA Spain is an early adopter of the company’s solutions. It is benefiting from the insurtech startup’s innovations in the claims automation segment.
Besides this, the latest funding round will also help the company come up with strategies in the key geographies. Notably, the French startup is in plans to open its US headquarters in Boston and offices in Tokyo. It is also in plans to hire data scientists, sales and marketing professionals and developers.
“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.”
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