Shift Technology

insurtechsoftware/whitelabel/apis-insurtech

FOUNDING YEAR: 2013
LOCATION: France
Last Update: 08/09/2020

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About

Shift Technology provides insurance companies with SaaS solutions that utilizes advanced data science and machine learning/ artificial intelligence to help insurers detect claims fraud in the Health, Property and Casualty segment (P&C).

MEDICI Analysis

Shift Technology provides SaaS solutions that enable insurance companies to detect claims fraud in the health, property and casualty segment. It offers a decision support platform that can automate insurance fraud detection by leveraging bigdata and machine learning/artificial intelligence technologies. The SaaS platform solution provides a comprehensive analysis of both internal and external databases.The company was selected by MetLife InusrTech accelerator program collab in 2017.

Focus

PRODUCTS & SERVICES

Shift Technology product offerings include: Force: Offers a decision--making platform that can be used by the insurance companies to identify fraudulent claims and networks. It provides actionable insights abot the various that appears suspicious in a claim. Luke: It enables automation of the end-to-end claim management solutions right form filing a claim to policy payout.

REVENUE MODEL

Implementation fee and pay-per-claim

MAIN CLIENTS

Insurance companies

PRIMARY PROBLEM SOLVED

Enhance insurance fraud detection capabilities and increase fraud savings and optimize claim handling process

COMMENT

Having successfully harnessed AI to reproduce a fraud handler’s deductive reasoning, they plan to replicate this achievement within claim handling as well.

company provided insights

Traction

NUMBER OF TRANSACTIONS:

70 M

ACTIVE USERS:

Confidential

TRACTION COMMENT:

The company has processed around 80 million claims and has been right 75 percent of the time regarding suspicious claims.

People

FOUNDERS

Jeremy Jawish

David Durrleman

Eric Sibony

BOARD MEMBERS AND ADVISORS

Sonali de Rycker

Pierre Brigadeau

Stephane Mallat

Julien-David Nitlech

Pierre Maze

NUMBER OF EMPLOYEES

51-200

INVESTORS:

Accel Partners

Elaia Partners

General Catalyst Partners

Iris Capital

KEY EMPLOYEES:

Jeremy Jawish (CEO)

David Durrleman (CTO)

Momentum

FUNDED

YES

TOTAL FUNDING

$99.99 M

DATE OF LAST FUNDING

Mar 2019

TOTAL FUNDING COMMENT

The company will use the fund to open an office in New York and another one in Tokyo and also to bolster the team and build out the product scaling new fraud detection products for life insurance and workers compensation. (Oct. 2017)

SEED & PRIOR FUNDING

$1.92 M

SEED CLOSED ON

Dec 2014

FUNDING SERIES

SERIES A  · $10 M  · May 2016

SERIES B  · $28 M  · Oct 2017

SERIES C  · $60 M  · Mar 2019

OTHERS  · $67.16 K · Jun 2017

LISTED

NO

Innovation Programs

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Shift Technology

About

Shift Technology provides insurance companies with SaaS solutions that utilizes advanced data science and machine learning/ artificial intelligence to help insurers detect claims fraud in the Health, Property and Casualty segment (P&C).

Focus

PRODUCTS & SERVICES

Decision support platform that automates insurance fraud detection and makes claim handling efficient by utilizing Big Data Analytics and AI

REVENUE MODEL

Implementation fee and pay-per-claim

TOP PROBLEM SOLVED

- Enhance insurance fraud detection capabilities and increase fraud savings - Optimize claim handling process

PRODUCT DEVELOPMENT STAGE

V2.0 or BEYOND

PRODUCT DEVELOPMENT COMMENT

Having successfully harnessed AI to reproduce a fraud handler’s deductive reasoning, we plan to replicate this achievement within claim handling as well.

KEY DIFFERENTIATORS

We incorporate AI to help detect insurance fraud. It is a SaaS platform-solution, meaning It is easy to install and operate, providing a comprehensive analysis of both internal and external databases. This streamlines the process of fraud detection, making it more efficient, effective and lucrative.

PRIMARY CUSTOMER TYPE

Enterprise - Others

PRODUCT ATTRIBUTES

SaaS

Other

Traction

NUMBER OF TRANSACTIONS:

70 M

ACTIVE USERS/ACCOUNTS:

Confidential Million

LIVE USERS/TRANSACTIONS:

Yes, in live production

CHANNEL STATUS

CHANNEL SECURE

People

NUMBER OF EMPLOYEES

11-50

BOARD MEMBERS AND ADVISORS:

Sonali de Rycker, Pierre Brigadeau, Stephane Mallat, Julien-David Nitlech, Pierre Maze

INVESTORS:

Accel

Elaia Partners

Iris Capital

Momentum

FUNDED

YES

TOTAL FUNDING:

$11.8 M

LISTED

NO

FUNDING SERIES
Series A
May 2016
USD10 M
Comment on Series A
This is the second fundraising for Shift Technology. Accel Partners Elaia Partners Iris Capital