Creation date :19 March 2013
Founders :Jeremy Jawish, Eric Sibony, David Durrleman
Shift Technology, anti-fraud AI serving insurers
170 employees, 60 partner insurers, 8 offices worldwide and 3 rounds of fundraising for a total of $40 million: alumni startup of Tech Care Paris Shift Technology has racked up the numbers in just 4 years. Its innovation? A platform – based on artificial intelligence – capable of detecting insurance fraud.
Shift Technology’s AI – in SaaS mode – analyzes data supplied by policyholders (contact information, claim details...) and external data available on the web, to detect potentially fraudulent claims. Combining graph theory with machine learning, the solution works for all types of insurance: from Property & Casualty to Healthcare and everything in between. It’s a solution that not only lets insurers detect fraud but also helps them process claims more quickly and efficiently. The solution is highly accuration with on average 75 % of alerts accepted by fraud handlers – double the rate of Shift Technology’s competitors. That’s an important promise for the sector’s key players as P&C insurance fraud is estimated at several hundred million euros in losses annually.
A radiant future (except for fraudsters)
Because the insurance market is global, it was natural for Shift Technology to quickly expand internationally. The company now has 8 offices in Singapore, London, Madrid, Zurich, Tokyo, Boston and Hong Kong. Yet it has never abandoned the city of light, and company headquarters are based in Paris. Four years after its launch, Shift Technology’s Artificial Intelligence has already examined nearly 150 million P&C claims in addition to 300 million healthcare claims. In the coming months, Shift Technology is launching its solution for claims automation. Good news for the burgeoning business and its clients. Not so good for fraudsters.
The pitch: Detect fraud thanks to artificial intelligence
“There’s a true engineering culture in France. Today, Paris is a major city in the world of innovation. A lot of talents come here because it’s such an attractive place for young graduates. In our Parisian office, around 35 nationalities are represented”, Stéphanie Steel, Chief of Staff at Shift Technology.
Number of employees: 170
Incubation Paris&Co : March 2015 to May 2018