Paris-based startup Shift Technology is AI-based fraud detection and claims automation solutions for the global insurance industry. The startup was founded by David Durrleman, Eric Sibony, and Jeremy Jawish in 2013. It provides an Artificial Intelligence tool that automatically detects and flags up fraudulent insurance claims. It offers Saas-based fraud detection solutions called FORCE used by insurers all over the world across in all business sectors.
Companies are increasingly adapting to the change and leaving the traditional method of employing humans to pore over dubious documents. Shift Technology spread across the world in various countries, such as in Singapore, Hong Kong, London, Madrid, Zurich, Toronto, Tokyo and Boston. Shift Technology’s SaaS-based solution helps in identifying fraud from individual and network with double accuracy of competing offerings and provides contextual guidance to help them achieve faster, with more accurate resolutions for the claim.
The startup was named in the 2018 Global AI Top 100 by CB Insights. Shift Technology has already analyzed hundreds of millions of claims that identify potential fraud to date. It is a platform for fraud handlers where they can take a decision according to their capacity and add efficiency to claims processing. Over 100 million claims have been processed by the startup, with 45 firms using its services, according to Shift Technology.
To date, Shift Technology has a total of 6 rounds of funding of €88.21 million from 7 investors. March 4, 2019, was its latest funding from C round:
Funding:
|
Date |
Round |
No. Of Investors |
Amount |
Investors |
|
Mar 4, 2019 |
Series C |
4 |
€53 Million |
Bessemer Venture Partners |
|
Oct 23, 2017 |
Series B |
4 |
€25 Million |
Accel, General Catalyst |
|
May 18, 2016 |
Series A |
3 |
€8.81 Million |
Accel |
|
Mar 15, 2016 |
Non-Equity Assistance |
1 |
— |
— |
|
Dec 3, 2014 |
Seed Round |
2 |
€1.59 Million |
Iris Capital |
|
Mar 1, 2013 |
Venture Round |
1 |
— |
— |
Investors:
- Accel
- Bessemer Venture Partners
- General Catalyst
- Iris Capital
- Elaia
Shift Technology has more than 70 clients in over 25 countries around the world relying on its product, such as P&V Group, the General Insurance Association of Singapore, Hong Kong Federation of Insurers, AXA Spain, CNA Financial Corporation, Harmonie Mutuelle Groupe VYV, Liberty Mutual, Macif, MS&AD Insurance Group, Covéa, HyreCar and Credit Agricole Pacifica.
A ton of claims is processed by the startup every day and it is easy to sell this kind of products, as it cost a ton of money for fraudulent claims. The startup has grown quite a lot since its foundation and now has 200 employees. With the latest funding, Shift Technology plans to hire more people including data scientists and developers in Boston. It is also playing around with an automated claim-processing solution.
It’s a huge data set, which can create an AI-powered detection model that is getting more and more accuracy. Shift Technology’s major competitors are Salviol Global Analytics, Applied Epic, ClaimCenter, Snapsheet, CyberSource, RightIndem, and FRISS. The startup is creating a strong barrier to entry in the market. A new company would have a hard time to catch the beat of the startup.
“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,” said Jeremy Jawish, CEO and co-founder, Shift Technology.
Demand for greater cybersecurity has risen in recent years among the everyday citizen. Fraudsters are constantly discovering new methods of breaching accounts and these Artificial Intelligence-based fraud detection startups in insurance finding tool to save one’s personal and financial information.
In the insurance industry, the need for security has raised manifolds now and numerous AI firms are selling claims fraud detection solutions to the insurance sector. Artificial Intelligence and Machine Learning are creating numerous opportunities and calibre of the insurance industry and the initial hesitations and shallow discomfort around its implementation are now fading quickly.
“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,” stated Jeremy Jawish.
Providing the right set of products according to customer requirements, reaching out to prospective customers at the right time and fastest claim support to loyal customers and rejection of spurious claims are the three major challenges faced by the insurance companies.
A technologically advanced system is all for which the insurance companies are striving for that could help in keeping all their employees synchronized apart from agents, brokers, and claim investigators to market and support team. Thus by simplifying all the process in a simple task is how Artificial-based startups are helping in electing fraud detection and claim management in the insurance industry.
Pic Source: Funding SMEs
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Tags: Accel, Artificial Intelligence, Bessemer Venture Partners, Craft Driven, David Durrleman, Elaia, Eric Sibony, Europe Market Research, European Startup, General Catalyst, Insurance Industry, Iris Capital, Jeremy Jawish, market research, Shift Technology
