Startup spotlight: Shift Technology tackles insurance fraud
Founded in 2014, Shift Technology is a French insurtech dedicated to utilising artificial intelligence (AI) solutions to eliminate fraud.
The company currently offers a suite of services for health, P&C, life, worker’s compensation and travel, each focusing on specific threats while also mitigating false negatives and improving the efficiency of the investigator.
With a team of insurance-focused data scientists, customer advisors and project managers, Shift Technology has managed to establish a far-reaching presence globally, with offices located in Paris (HQ), London, Tokyo, São Paulo, Toronto and more.
Transforming insurance
“The insurance industry is driven by decisions. Is the claim legitimate, or does it show indications of fraud? Can a policyholder manage their claim online, without requiring intervention by the insurer? Or can the claim be identified as appropriate for straight through processing and rapid payment by a claims handler?” stated the company in a blog post.
“We’ve made automating and optimising claims and other policy lifecycle decisions our mission, helping our clients deliver exceptional customer experiences.”
Indeed, this latter point forms the crux of the issue for Shift, as Jeremy Jawish, CEO and Co-Founder, stated when the company announced its partnership with Tokio Marine Asia:
“We’ve always believed that fraud detection is only part of the equation and that the ability to accurately and efficiently separate suspicious claims from legitimate ones is an important part of delivering exemplary customer experiences.”
As insurance operations continue to become entrenched by digital technology, it is likely that Shift’s relevancy will only increase.
Claiming to have analysed over 1.5 billion claims so far, a number that continues to increase daily as more leading insurance companies onboard their technology, the company is emblematic of a prevalent industry trend: insurance as a force for societal good.
