Top 100 insurtech firms 2018: Number 5 - Shift Technology
Position: 5
Name: Shift Technology
City: Paris
Country: France
Founded: 2014
Website: www.shift-technology.com
Twitter: @shiftechnology
Linked In: www.linkedin.com/company/shift-technology
Facebook: www.facebook.com/ShifTechnology/
The story so far: Shift Technology is a software-as-a-service solution that draws on big data analytics and machine learning technology to spot patterns of fraudulent activity in insurance claims. The company works with claims handlers, providing them with a decision support platform, which automates fraud detection processes, helping insurers decide which cases require more investigation. By providing a SAAS model, Shift can improve its software over time by combining machine-learning technology with data collected from insurance clients to educate the algorithms used. Furthermore the data collected across the entire client portfolio can be anonymously aggregated to provide useful insights and the improvement of algorithms. Shift Technology developed its offering with claims handlers in mind, ensuring the software seamlessly integrates into their workload. It has worked with more than 45 insurers worldwide and have offices in Paris, Singapore, Spain and Hong Kong. The company is currently delivering on plans to expand into new verticals with its foray into healthcare products alongside health insurer AG2R La Mondiale and new geographical regions in the near future. Core investors include Accel Partners and General Catalyst, which have previously invested in Slack, Dropbox and Airbnb.
Funding Stage: Series B
Total Funding: $39,800,000
Insurance Sector: General insurance
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