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Shift Technology, a Paris-based a provider of AI-powered claims fraud detection and other claims related applications to the global insurance industry, announced that it has closed a C-round investment of $60 million, bringing total investment in the company to $100 million. Bessemer Venture Partners (Redwood City, Calif.) led the round and was joined by previous investors including Accel (Palo Alto, Calif.), General Catalyst (Cambridge, Mass.) and Iris Capital (Paris), Shift reports. The vendor says the investment will support its expansion, bolstering Shift’s existing global presence, particularly in the U.S. and Japanese markets, as well as R&D and new product development.
“We are thrilled to partner with the Shift team. They have built a powerful AI platform that is transforming the insurance market and we are confident that they are just getting started,” comments Charles Birnbaum, partner, Bessemer Venture Partners. “The Shift team has already had a great deal of success with carriers all over the world and we are excited to support their next phase of growth as they help their customers navigate the digital transformation that is now in full swing in this industry.”
Significant Global Growth
Shift reports that since its founding in 2014, the company has experienced significant global growth. Shift currently employs more than 200 professionals serving clients across Europe, Asia and the Americas from its headquarters in Paris and offices in Boston, Tokyo, London, Hong Kong, Madrid, Singapore, Toronto and Zurich. The vendor’s FORCE fraud detection solution, is in use by insurers around the world across all lines of business and has analyzed hundreds of millions of claims to identify potential fraud.
Shift says that this new round of funding will support continued evolution of the vendor’s fraud detection solutions and enable the company to accelerate product development focused on automating the entire claims process for carriers and their customers. Shift adds that it will provide a claims automation solution that mitigates the increased fraud risks and other unique challenges of high‑volume, low-touch claims analysis. This will enable carriers to provide an exceptional customer experience by confidently delivering straight through processing at greater scale than previously possible, according to the vendor. The vendor reports that AXA Spain, a long-time Shift client and early adopter of the company’s solutions, is already benefiting from the vendor’s innovations in the claim automation space.
The new funding round will also be used to drive go-to-market strategies in key geographies, Shift ways. The company is expanding its U.S. headquarters in Boston and its offices in Tokyo, and plans to hire for positions including data scientists, developers, and sales and marketing professionals. Shift’s existing client base includes 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, and the General Insurance Association of Singapore and the Hong Kong Federation of Insurers, among more than 70 clients in over 25 countries.
“I’m incredibly proud of what our team, with the support of an amazing board of directors, has been able to accomplish in a relatively short time,” commens Jeremy Jawish, CEO and co-founder, Shift Technology. “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.”