Shift Technology, insurance anti-fraud software, raises $ 10 million

by bold-lichterman

The amount

Shift Technology, publisher of a SaaS platform specializing in the detection of insurance fraud, has announced a fundraising of $ 10 million from the Accel fund, with the participation of historical investors (Elaia Partners and Iris Capital).

The market

Shift Technology has been developing a Big Data SaaS solution since 2011, which analyzes the data entered on insurance policies and claims in the smallest detail. Five years later, Shift’s technology, which claims more than 53 million complaints analyzed, is based on the automation of these detections and on artificial intelligence.

In the insurance sector, players estimate that fraud affects 10% of their customer files, according to a figure cited by Shift. However, this sector is beginning to realize the opportunities offered by technologies. 82% of insurers surveyed by an Accenture study declare that they will invest in solutions that systematically integrate an artificial intelligence component in the next 5 years.

Many players in the United States have positioned themselves in this booming market, which is not yet in the consolidation phase. Companies are therefore flourishing: Saas Insitute, Jupiter Analytics, i-Sight, CSC Fraud …

The objectives of the Start-up

With this fundraising, the company founded in 2013 intends to structure its technical and commercial teams.

Creation date: 2013

Seat: Paris

Founders: Jeremy Jawish, Eric Sibony and David Durrleman

Fundraising: 1.4 million euros (Iris Capital, Elaia Partners in 2014).