Shift

Shift

AI-driven software for insurance fraud detection

About Shift

Simplify's Rating
Why Shift is rated
B-
Rated D+ on Competitive Edge
Rated A on Growth Potential
Rated B on Differentiation

Industries

Enterprise Software

AI & Machine Learning

Financial Services

Company Size

501-1,000

Company Stage

Series D

Total Funding

$318M

Headquarters

Paris, France

Founded

2013

Overview

Shift Technology provides AI-driven software solutions aimed at helping insurance companies detect fraud and automate claims processing. Their software analyzes large datasets to identify fraudulent activities and streamline the claims process, allowing insurers to make more accurate decisions and reduce operational costs. Unlike many competitors, Shift Technology focuses specifically on the insurance sector, catering to both large multinational firms and smaller regional providers. The company's goal is to enhance efficiency and customer satisfaction in the insurance industry through their subscription-based services.

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Simplify's Take

What believers are saying

  • Partnerships with major insurers like Shelter and Elephant boost Shift's market presence.
  • Integration with Microsoft Azure Marketplace expands Shift's accessibility and reach.
  • Generative AI models achieve over 95% accuracy in document analysis for claims.

What critics are saying

  • AI bias may lead to inaccurate fraud detection and claims processing.
  • Data privacy concerns arise with the Insurance Data Network's cross-carrier data sharing.
  • Increased competition in the Microsoft Azure Marketplace may impact Shift's market share.

What makes Shift unique

  • Shift Technology offers AI-driven SaaS solutions for insurance fraud detection.
  • The company launched the Insurance Data Network for cross-carrier data sharing.
  • Shift's generative AI capabilities enhance claims processing accuracy and efficiency.

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Funding

Total Funding

$318M

Above

Industry Average

Funded Over

6 Rounds

Series D funding is typically for companies that are already well-established but need more funding to continue their growth. This round is often used to stabilize the company or prepare for an IPO.
Series D Funding Comparison
Above Average

Industry standards

$77M
$70M
Twilio
$80M
Handshake
$100M
Affirm
$220M
Shift

Benefits

Flexible Work Hours

Company Equity

Paid Vacation

Paid Holidays

Mental Health Support

Growth & Insights and Company News

Headcount

6 month growth

↓ -1%

1 year growth

↑ 0%

2 year growth

↓ -1%
PR Newswire
May 7th, 2025
Shelter Insurance Goes With Shift For Claims Fraud Detection

Solution Deployed to Fight Auto & Property Insurance FraudBOSTON and PARIS, May 7, 2025 /PRNewswire/ -- Shift Technology , a provider of AI-powered decision optimization solutions for the global insurance industry, today announced that Shelter Insurance has gone live on Shift Claims Fraud to help mitigate exposure to auto & property insurance fraud risk. The insurer is also a member of the recently announced Insurance Data Network (IDN).As a mutual insurer, Shelter is owned by its policyholders as opposed to shareholders. As such, the company has long been known for its commitment to customer service and its continuous innovation in the service of delivering exceptional policyholder experiences. Viewing claims fraud as an activity that adversely affects legitimate customers and the insurer's combined ratio, Shelter turned to Shift to help them apply artificial intelligence (AI) to the challenge of finding suspicious claims and determining how best to investigate their veracity."What is insidious about insurance fraud is that it impacts nearly every aspect of the insurance business, from the policyholder experience to profitability to the premiums our insureds pay," Mark Jones, Director of Litigation and SIU, Shelter Insurance. "Through our work with Shift we are able to identify a greater number of suspicious claims, separate them from legitimate claims, thoroughly investigate, and conclude it as quickly, accurately, and fairly as possible. This is incredibly beneficial to the business and our customers."According to industry estimates, P&C claims fraud costs U.S

PR Newswire
Apr 2nd, 2025
Groundbreaking New Standard For Cross-Carrier Data Sharing Introduced By Shift Technology

IDN Delivers Actionable Fraud and Risk Insights From Shared Insurer DataBOSTON and PARIS, April 2, 2025 /PRNewswire/ -- Shift Technology , a provider of AI-powered decision optimization solutions for the global insurance industry, today introduced the Insurance Data Network (IDN). The network allows members to benefit from industry-wide intelligence made possible through the collaborative multi-carrier exchange of claims and related data. By participating, insurers gain valuable insights and analysis to enhance fraud detection and risk prevention throughout the entire claims lifecycle.IDN has rapidly gained acceptance within the industry and is now live and operational. Four of the top five U.S. property and casualty (P&C) insurers are contributing members, among many others. The network encompasses a substantial majority of U.S

II Reporter
Apr 2nd, 2025
Shift Technology Launches Cross-Carrier Insurance Data Network

Shift Technology launches cross-carrier Insurance Data Network.

PR Newswire
Nov 13th, 2024
Elephant Insurance Expands Relationship With Shift Technology

Strong ROI from Shift Underwriting Risk Detection and Shift Claims Fraud Detection Drives Decision to Deploy Shift Subrogation Detection. BOSTON and PARIS, Nov. 13, 2024 /PRNewswire/ -- Shift Technology, a provider of AI-powered decision optimization solutions for the global insurance industry, today announced that Elephant Insurance, a wholly owned US subsidiary of the Admiral Group, plc, a FTSE 100 company and one of the U.K.'s leading insurers has expanded its relationship with the company. As a result, the insurer will deploy Shift Subrogation Detection to more efficiently uncover subrogation and recovery opportunities in the claims process. A Shift Claims Fraud Detection customer since 2020, Elephant adopted Shift Underwriting Risk Detection in 2021. To date in 2024, Shift solutions in use by Elephant have generated solid ROI for underwriting and claims fraud detection

II Reporter
Nov 1st, 2024
Shift Technology Announces New Availability of Solutions in Microsoft Azure Marketplace

Shift Technology (Paris/Boston), a provider of AI-powered decision optimization solutions for the global insurance industry, has announced the availability of Shift Subrogation Detection, Shift Underwriting Risk Detection and Shift Improper Payment Detection in the Microsoft Azure Marketplace.

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