(Image source: Helios International.)
Shift Technology (Paris/Boston), a SaaS provider of artificial intelligence (AI)-driven decision automation and optimization solutions for the global insurance industry, today announced the company closed a Series D investment round of $220 million. The round was led by Advent International (Boston), through Advent Tech, with participation from Avenir and others. Previous Series C participants Accel, Bessemer Venture Partners, General Catalyst, and Iris Capital also joined the round.
The latest funding round brings total investment in Shift to $320 million and brings the company’s market valuation of more than $1 billion. Shift reports that the investment will fuel the company’s execution of its vision to revolutionize the policyholder experience through wide-ranging products that apply AI and advanced data science to key insurance processes.
“Since its founding in 2014, Shift has made a name for itself in the complex world of insurance,” comments Thomas Weisman, a Director on Advent’s technology investment team in London. “Shift’s advanced suite of SaaS products is helping insurers to reshape manual and often time-consuming claims processes in a safer and more automated way. We are proud to be part of this exciting company’s next wave of growth.”
From Fraud to AI-based Decision Automation along the Insurance Value Chain
Initially known for its detection and claims automation software, in January 2021 the company introduced the Shift Insurance Suite to enable insurers to apply AI-based decision automation and optimization technology to an even wider array of critical processes across the policy lifecycle, including underwriting, subrogation, and compliance. Shift reports that it now serves more than 100 customers in 25 different countries and has analyzed nearly two billion claims to date.
With this latest round of funding Shift says it will advance in its mission to drive digital transformation in the global insurance industry. The company says that, by supplying the tools and technology required for insurers and their employees to make the best decisions possible, it is enabling carriers to deliver exceptional business and policyholder outcomes.
Expanding Presence in Key Geographies
Shift reports that it will use this investment to expand its presence in key geographies including the U.S., Europe, and Asia. In the U.S., the company says it will look to further penetrate the property/casualty insurance market as well as expand into the health insurance sector, an area in which Shift says it sees a significant opportunity. The funding will also be used to drive R&D efforts in the creation of new solutions to address emerging decision automation and optimization requirements for forward-thinking insurers, according to a Shift statement.
“The entire Shift team has worked tirelessly to build this company and provide insurers with the technology solutions they need to empower employees to best be there for their policyholders,” comments Jérémy Jawish, CEO and co-founder, Shift Technology. “We are thrilled to partner with Advent International, given their considerable sector expertise and global reach and are taking another giant step forward with this latest investment. We have only just scratched the surface of what is possible when AI-based decision automation and optimization is applied to the critical processes that drive the insurance policy lifecycle.”
This investment marks Advent’s sixth growth equity investment this year. As part of Advent’s long history of technology investing, the firm has significant investment experience in vertical software, and data and analytics. Advent’s previous technology investments in the insurance vertical include CCC (Chicago), a SaaS platform for the property/casualty insurance economy and TransUnion (Chicago), a global provider of credit information and risk management solutions to businesses and individual consumers. The firm has invested in over 370 private equity transactions in 41 countries, and as of December 31, 2020, had $76 billion in assets under management.