Paris/London/Palo Alto, 24th October 2017: Shift Technology, a software-as-a-service platform that uses the latest advances in artificial intelligence (AI) to help insurers detect fraud, today announced a $28 million Series B investment co-led by Accel and General Catalyst, with participation from previous investors Elaia Partners and Iris Capital.
Globally, fraud amounts for the estimated loss of several hundred billion dollars per year across Health and Property & Casualty (P&C) insurance, which experiences the highest volume of fraud in the industry. However, only about 15% of fraudulent claims are detected today due to manual processes and an endless volume of claims.
To tackle the issue, Shift Technology has developed Force™, a cost-effective decision support platform that has helped insurers across the globe to automate fraud detection processes and lower costs per claim. Since it was founded in 2014, Shift Technology has won 45 clients globally, including some of Europe’s top insurers. In just two years, it has also processed more than 100 million claims to-date for Property & Casualty (P&C) insurers across Europe, Asia and the Americas, saving its clients millions of dollars monthly.
Over the past year, Shift Technology has more than doubled in headcount and has grown its revenue base by over 800%. It also successfully launched its Healthcare solution, which has already treated 300M health claims in France with providers including AG2R La Mondiale.