Insurtech company Shift Technology has secured $60 million (£45.35 million) in funding to help transform its fraud detection platform into an end-to-end claims process solution.
The investment round, led by Bessemer Venture Partners in partnership with previous investors Accel, General Catalyst and Iris Capital, brings the total investment in Shift to $100 million (£75.59 million) since its founding in 2014.
Shift plans to use the investment to develop its fraud detection solution, FORCE, as well as expand in the US and Japan.
The company’s more than 200 employees already serve clients across Europe, Asia and the Americas from its headquarters in Paris and offices in Boston, Tokyo, London, Hong Kong, Madrid, Singapore, Toronto and Zurich.
Insurers currently use FORCE across lines and in multiple jurisdictions. The artificial intelligence (AI)-based solution analyses hundreds of millions of claims to identify potential fraud, giving handlers a tool speciﬁcally designed to scale their capacity and add greater efficiency to claims processing.
Shift said the new funding will support the development of its fraud detection solutions and enable the company to accelerate product development focused on automating the entire claims process for carriers and their customers.
AXA Spain, a long-time Shift client and early adopter of the company’s solutions, is already using its innovations in the claim automation space, which aim to enable carriers to provide an exceptional customer experience by confidently delivering straight-through processing at greater scale than previously possible.
The latest funding round will also be used to drive Shift’s expansion of its US headquarters in Boston and its offices in Tokyo.
The company plans to hire for positions including data scientists, developers, and sales and marketing professionals.
“I’m incredibly proud of what our team—with the support of an amazing board of directors—has been able to accomplish in a relatively short time,” stated Jeremy Jawish, chief executive officer and co-founder at Shift. “Our AI-native technology is helping the world’s leading insurance companies inject greater efficiency and accuracy into their systems.”
“We’re supporting their digital transformation strategies and helping them improve customer satisfaction. We strongly believe that AI can benefit so many more aspects of the claims process and of the insurance policy lifecycle overall. With this investment, we’re well positioned for our next phase of growth and development.”
Charles Birnbaum, partner at Bessemer Venture Partners, added: “We are thrilled to partner with the Shift team. They have built a powerful AI platform that is transforming the insurance market and we are confident that they are just getting started.”
“The Shift team has already had a great deal of success with carriers all over the world and we are excited to support their next phase of growth as they help their customers navigate the digital transformation that is now in full swing in this industry.”