Shift Technology Secures Investment from Guidewire

Shift characterizes the investment as extending its recent series D funding round and strengthening its existing partnership with Guidewire.

(Image source: Shift Technology homepage.)

Shift Technology (Paris/Boston), a provider of AI-driven decision automation and optimization solutions for the global insurance industry, today announced that Guidewire Software (San Mateo, Calif.), has made an investment extending the company’s recent Series D funding round. This strategic investment is intended to support ongoing technology innovation and go-to-market acceleration. Shift declined to share the amount of the investment.

“Shift is well known in the industry for its leadership in fraud detection and its innovative use of artificial intelligence to help insurance professionals make the best possible decisions across the underwriting and claims processes,” comments Mike Chen, VP Corporate Development and Ventures, Guidewire. “By investing in Shift, we are helping to fuel that innovation engine to the benefit of our joint customers and the insurance industry in general.”

Martin Fitzpatrick, CFO, Shift Technology.

Shift joined the Guidewire PartnerConnect program as a Solution partner in 2019 and in early 2020 published the Shift Claims Fraud Detection Add-on for ClaimCenter in the Guidewire Marketplace. This integration between Shift and Guidewire makes it possible for insurance professionals to receive real-time alerts in their ClaimCenter environment, helping them make claims decisions as quickly, accurately and fairly as possible, according to a statement from the vendor.

“Today’s insurance professionals are facing any number of challenges, not the least of which is how to assess the validity of a claim and then decide how best to proceed,” explained Martin Fitzpatrick, CFO, Shift Technology. “This investment in Shift is an important acknowledgement of the work our two companies have already done together in this space and what we can do together in the future.”

Shift Technology CEO on $220 Million Series D Round

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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