Shift Technology, an AI-based solutions developer for the insurance industry, has secured $60m in C-round funding, led by Bessemer Venture Partners.
The latest round of investment has brought the total investment in Shift Technology to $100m.
Other investors who had also invested in the company include Accel, General Catalyst and Iris Capital. The investment is expected to support the company’s expansion, particularly in the US and Japanese markets, along with an R&D and new product development.
Established in 2014, Shift Technology claims to have experienced good global growth. It has over 200 employees who serve clients across Europe, Asia and the Americas from its headquarters in Paris and offices in Boston, Tokyo, Toronto, London, Hong Kong, Madrid, Singapore and Zurich.
Bessemer Venture Partners partner Charles Birnbaum said: “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.”
Shift has developed FORCE, a fraud detection solution, which is used by insurers around the world across all lines of business. The solution is claimed to have hundreds of millions of claims to identify potential fraud, giving fraud handlers a powerful decision-making platform specifically designed to scale their capacity and add greater efficiency to claims processing.
The latest round of funding will support the company to continue in the evolution of its fraud detection solutions and enable it to accelerate product development focused on automating the entire claims process for carriers and their customers.
By automating claims, Shift says that increased fraud risks could be mitigated and other challenges such as high-volume. This will help carriers to provide better customer experience by offering straight through processing at a larger scale than previously possible.
Recently, the AI-services provider was selected by CNA Financial for automation of its fraud detection capabilities.
CNA’s Worldwide P&C Claim unit claim analytics, finance and operations senior vice president Rob Thomas said: “CNA continues to focus on, and invest in, technology and analytics to advance claims. By partnering with Shift Technology, CNA will optimize its special investigations efforts by focusing on the most suspicious cases with pre-identified paths for investigation.”