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Shift Technology

shift-technology.com

Founded Year

2014

Stage

Series D - II | Alive

Total Raised

$319.72M

Mosaic Score
The Mosaic Score is an algorithm that measures the overall financial health and market potential of private companies.

+20 points in the past 30 days

About Shift Technology

Shift Technology delivers AI-native decision automation and optimization solutions built specifically for the global insurance industry. Addressing several critical processes across the insurance policy lifecycle, the Shift Insurance Suite helps insurers achieve faster, more accurate claims and policy resolutions.

Headquarters Location

2-14 rue Gerty Archimede

Paris, 75012,

France

+33 1 86 95 22 82

Shift Technology's Product Videos

ESPs containing Shift Technology

The ESP matrix leverages data and analyst insight to identify and rank leading companies in a given technology landscape.

EXECUTION STRENGTH ➡MARKET STRENGTH ➡LEADERHIGHFLIEROUTPERFORMERCHALLENGER
Healthcare / Healthcare Payers Tech

These companies assist in managing, processing, and validating healthcare claims and associated denials. Most are primarily based on process automation tools. These move as much human attention as possible away from low value and easily evaluable claims so that specialists can focus on more complicated, value-added work.

Shift Technology named as Leader among 8 other companies, including Gradient AI, Waystar, and CLARA Analytics.

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Shift Technology's Products & Differentiators

    Shift Claims Fraud Detection

    Designed to help claims professionals find hidden fraud in the claims process.

Expert Collections containing Shift Technology

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Shift Technology is included in 9 Expert Collections, including Unicorns- Billion Dollar Startups.

U

Unicorns- Billion Dollar Startups

1,207 items

A

AI 100

99 items

B

Banking

379 items

Startups providing solutions to banks to automate processes and operations.

I

Insurtech

4,067 items

Companies and startups that use of technology to improve core and ancillary insurance operations. Companies in this collection are creating new product architectures, improving underwriting models, accelerating claims and creating a better customer experience

A

Artificial Intelligence

10,448 items

This collection includes startups selling AI SaaS, using AI algorithms to develop their core products, and those developing hardware to support AI workloads.

F

Fintech 250

499 items

250 of the top fintech companies transforming financial services

Latest Shift Technology News

The General Insurance Association of Singapore and Shift Technology Expand Strategic Relationship on Fraud Management and Detection

Mar 15, 2023

News provided by Share this article on Travel Insurance Fraud Efforts BOSTON and PARIS, March 15, 2023 /PRNewswire/ --  Shift Technology , a provider of AI-driven decision automation and optimization solutions for the global insurance industry, today announced The General Insurance Association of Singapore (GIA) will extend its use of Shift Claims Fraud Detection on behalf of its member insurers. The strategic expansion builds on prominent successes[1] of the GIA Fraud Management System (FMS) and will support travel insurance fraud. This comes at a fitting time with global travel rising to pre-pandemic levels. Shift and the GIA have been collaborating in the fight against insurance fraud since 2017 when the Singapore-based trade association deployed Shift Claims Fraud Detection to help identify suspicious motor and travel insurance claims. While the initial scope of deployment focused more on motor insurance claims, significant success in both areas led to the decision to broaden the solution's use in detecting more types of travel insurance fraud. "Recent significant successes in insurance fraud detection using FMS resulted in the conviction of multiple insurance fraudsters. This planned expansion allows us to maximise the potential of the travel module and comes at an opportune time of rising global travel," said Ho Kai Weng, chief executive, GIA. "Our collaboration with Shift gives us an important way to detect and manage fraudulent claims at scale. It also augments our sector's existing fraud detection and management efforts." Shift is currently working with leading insurance associations around the world. The company's AI-powered solutions empower these organizations to make better decisions in the fight against fraud. Shift believes that collaboration is the key to augmenting individual insurer's strategies by helping the industry detect and disrupt fraud more holistically. "Fraud is not simply a problem for individual insurers, but rather a challenge for the entire insurance industry, which is why industry-level solutions like ours are so impactful," explained Jeremy Jawish, CEO and co-founder, Shift Technology. "Bad actors do not limit themselves to a single target, especially in the case of organized fraud networks. By providing associations like the GIA with a comprehensive view of what's happening with claims across their membership, fraud detection and mitigation activities are scaled exponentially, to the benefit of all." About Shift Technology Shift Technology delivers AI decisioning solutions to benefit the global insurance industry and its customers. Our products enable insurers to automate and optimize decisions from underwriting to claims, resulting in superior customer experiences, increased operational efficiency, and reduced costs. The future of insurance starts with Decisions Made Better. Learn more at   www.shift-technology.com . About GIA Established in 1966, the General Insurance Association of Singapore (GIA) is the general insurance industry's trade association whose membership comprises Ordinary Members licensed by the Monetary Authority of Singapore (MAS) to transact general insurance business in Singapore. As a trade association, GIA works to make all aspects of insurance easier and more effective for consumers, agents and insurance companies in Singapore. It helps identify emerging trends and responds to issues affecting the general insurance industry and seeks to promote the overall growth and development of the sector in Singapore. For more information, please visit www.gia.org.sg . Contacts:

Shift Technology Frequently Asked Questions (FAQ)

  • When was Shift Technology founded?

    Shift Technology was founded in 2014.

  • Where is Shift Technology's headquarters?

    Shift Technology's headquarters is located at 2-14 rue Gerty Archimede, Paris.

  • What is Shift Technology's latest funding round?

    Shift Technology's latest funding round is Series D - II.

  • How much did Shift Technology raise?

    Shift Technology raised a total of $319.72M.

  • Who are the investors of Shift Technology?

    Investors of Shift Technology include Guidewire Software, Iris Capital, Accel, General Catalyst, Bessemer Venture Partners and 8 more.

  • Who are Shift Technology's competitors?

    Competitors of Shift Technology include Click-Ins, AiDA, omni:us, QantEv, Metromile and 14 more.

  • What products does Shift Technology offer?

    Shift Technology's products include Shift Claims Fraud Detection and 4 more.

  • Who are Shift Technology's customers?

    Customers of Shift Technology include Markerstudy Insurance Services Limited , Amica and Economical.

Compare Shift Technology to Competitors

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Friss

Friss uses proprietary analytics software to provide solutions in the fields of fraud, risk, and compliance for the insurance industry. The company offers products such as underwriting insights, risk assessment at underwriting, fraud detection at claims, compliance screening, and investigations at SIU. The company was founded in 2006 and is based in Utrecht, Netherlands.

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Click-Ins

Click-Ins provides vehicle inspection services to serve insurance and car companies. The platform helps to predict fraud at the point of sale as well as point of claim using an approach that uses intelligence techniques including link analysis, open-source intelligence, text analytics, and signal and image processing. The company was founded in 2014 and is based in Netanya, Israel.

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omni:us

omni:us provides intelligent insurance claim automation services. It offers solutions to process digital insurance documents by classifying them and extracting valuable data points. It was formerly known as SearchInk. The company was founded in 2015 and is based in Berlin, Germany.

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SAS

SAS provides software and solutions for business analytics, data management, and AI, used to gather, manage, and analyze corporate information. It offers business analytics SaaS for a range of industries that include agriculture, banking, education, healthcare, insurance, life sciences, manufacturing, retail and consumer goods, public sector, sports, telecommunications and utility industries. The company was founded in 1976 and is based in Cary, North Carolina.

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Snapsheet

Snapsheet develops a cloud-based technology platform that facilitates customer engagement and intelligent workflows. Snapsheet builds software to adapt to workflows, operational needs, and systems environments.

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Gradient AI

Gradient AI seeks to address the need for Artificial Intelligence (AI) and Machine Learning (ML) solutions designed specifically for the insurance industry. The company's solutions include software and models utilized by recognized Insurance Carriers, MGAs, TPAs, Pools, PEOs and more. Gradient's artificial intelligence helps commercial insurers automate and improve underwriting results, reduce claim costs, and improve operational efficiencies.

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