Shift Technology Raises $60M to Expand Use of AI for Fraudulent Claims Detection

March 6, 2019

Shift Technology has raised $60 million in new venture financing, money that will help grow the reach of its artificial intelligence and big data technology designed to help carriers detect fraud during the claims process.

Plans call for using the cash infusion to fuel research, new product development and further global expansion, particularly in the U.S. and Japanese markets.

The company’s products and services focus on fraud detection. Its primary product, dubbed FORCE, has analyzed hundreds of millions of claims to identify potential fraud, Shift said. Expectations are that the funding will help Shift accelerate development of more products focused on automating the entire claims process for carriers and their customers.

Shift asserted that the end result will mitigate the increased fraud risks and other unique challenges of high-volume, low-touch claims analysis, enabling carriers to boost the customer experience by confidently delivering straight through processing at greater scale than previously possible.

According to Shift, one of its clients and early adopters of its products is AXA Spain. Others include AG2R LA MONDIALE, CNA Financial Corporation, Credit Agricole Pacifica & Spirica, Covéa, Harmonie Mutuelle Groupe VYV, Liberty Mutual, MACIF, MS&AD Insurance Group, P&V Group, the General Insurance Association of Singapore and the Hong Kong Federation of Insurers, among more than 70 clients in over 25 countries, Shift said.

Bessemer Venture Partners led the Series C financing round and was joined by previous investors including Accel, General Catalyst and Iris Capital. To date, including the new round, Shift Technology has raised $100 million.

Shift, which is based in Paris and Boston, Mass., was founded in 2014. It has more than 200 employees now, with clients in Europe, Asia and the Americas. Beyond Paris and Boston, Shift also has offices in Tokyo, Toronto, London, Hong Kong, Madrid, Singapore and Zurich, according to the company.

Charles Birnbaum, a partner at Bessemer Venture Partners, said in prepared remarks that his firm is excited to back Shift’s “next phase of growth as they help their customers navigate the digital transformation that is now in full swing in this industry.”

To propel that growth, the company is expanding its U.S. headquarters in Boston and its offices in Tokyo, with plans to hire for positions including data scientists, developers, and sales and marketing professionals.

Jeremy Jawish, CEO and co-founder, said in prepared remarks that Shift’s new financing round has left the company “well positioned” for its “next phase of growth and development.”

Source: Shift Technology

This article first appeared in Insurance Journal’s sister publication, Carrier Management.

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