REX: Shift Technology Gains Ground on the Insurance Sector
FACTS
- In order to roll out an AI-powered solution for optimising damage claims, Shift Technology just raised $60M from Bessemer Venture Partner, Accel, General Catalyst, Iris Capital and Elaia Partners.
- Shift Technology will be using this investment to:
- Strengthen their international footprint especially in the US and Japan)
- Further focus on R&D
- Design new products
- Their fraud detection solution allowed them to analyse hundreds of millions of claims worldwide. It contributes to automating and speeding up claims' processing, while improving fraud prevention.
- Shift’s list of clients includes: AG2R La Mondiale, the financial company CNA, Crédit Agricole Pacifica & Spirica, Covéa, Harmonie Mutuelle VYV, Liberty Mutual, the insurance group MACIF, MS & AD, P & V, la the General Insurance Association of Singapore and the Federation of Hong Kong.
Key Figures
- Latest funding round: $60M
- Total funding amount: $100M
- Founded in 2014; 200 employees
- 70 clients in 25 countries
- End-2017, they reported over 100M damage claims and 300M health-related claims processed.
CHALLENGES
- Galvanise their teams. Shift aims for international reach and plans to rely on this funding round to hire 150 new employees by the end of 2019.
- Consolidate their position. Shift Technology is part of KPMG's Fintech100, listing the most innovative FinTech companies globally. They intend to secure this position this year.
- Refine their analytic processes. Shift Technology deems that their detection service achieves a 75% accuracy rate in identifying potentially fraudulent claims. They intend for this proportion to reach 80%.
MARKET PERSPECTIVE
- In addition to Force, Shift Technology also crafted an AI-based platform called Luke for automating insurance claims. Tests are underway with AXA Spain and three other clients.
- Shift plans to become a reference on the AI-driven insurance sector, alongside tech giants such as IBM, which aims for a large portion of the banking industry and customer management with Watson.