Shift Technology offers a suite of AI-driven SaaS products that scan insurer data to flag fraud scenarios and automate claims processes, underwriting, subrogation detection and financial crime detection. The company serves property & casualty and travel insurers today and plans to expand further into health and to grow its U.S. business. Its models are trained on data from nearly two billion analyzed claims. Shift reports about 100 customers across 25 countries, including clients such as Generali France and Mitsui Sumitomo. The startup positions its technology as a way for incumbent insurers to improve margins and compete with newer insurtechs by automating manual, time-consuming processes. With the latest funding it has strengthened its ability to scale its products and data footprint. Shift Technology provides AI-driven fraud-detection tools for insurers, analyzing large volumes of claims to identify fraud. Seventy insurance companies worldwide use its product, including MACIF, Axa (Spain), CNA and HyreCar (U.S.), and the platform processes a large number of claims every day. The company says its large dataset fuels increasingly accurate detection models, creating a strong barrier to entry for newcomers. Shift has grown since its previous funding round and now employs about 200 people. It is headquartered in Paris and maintains offices in Boston, London, Hong Kong, Madrid, Singapore and Zurich. The company plans to expand hiring in Boston—notably data scientists and developers—and is experimenting with an automated claim-processing solution. Shift Technology offers a SaaS platform that uses artificial intelligence and large datasets to detect patterns and flag fraudulent insurance claims for insurers. The product helps insurers triage claims and reduce the resources required to investigate suspected fraud. The company has processed more than 100 million claims and reports revenue growth of over 800 percent. Shift has convinced 45 companies to adopt its platform and has expanded into healthcare products, working with AG2R La Mondiale. With its latest funding the company plans to open offices in New York and Tokyo to pursue clients in new markets and industries. Shift Technology offers a SaaS platform that analyzes insurance claims with big data and machine-learning models to detect patterns of fraud. Its approach aggregates data across clients so the algorithms improve over time. The platform flags suspicious claims, explains why a claim is risky, and suggests actions for investigators. To date the company has processed around 50 million claims and has been correct about suspicious claims roughly 75% of the time. The market opportunity is large because insurers are motivated to reduce fraudulent payouts. The company plans to grow its technical team, continue product development, and build a sales organization to expand adoption. Founded in 2013, Shift Technology offers a SaaS-based big data platform that applies machine learning and advanced mathematical modelling to insurance fraud detection. The solution flags suspicious claims and returns clear explanations of the suspected fraud mechanisms to help investigators prioritize cases. It targets both individual fraud and organized collective fraud across motor, fire and property lines. The platform is designed for easy deployment with minimal technical and financial investment and is offered on a pay-per-use model. Shift emphasizes an empirical, insurance-sector-informed approach to modeling and aims to improve fraud managers' efficiency and productivity. The company positions itself as an enabler of a broader technology-driven transformation in the insurance industry and potentially for banks and e-merchants.

Total raised

$320M

Funding rounds

5

Latest round

Series D

Latest activity

May 2021