Startup spotlight: Shift Technology tackles insurance 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.
“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 .
“We’ve made automating and optimising claims and other policy lifecycle decisions our mission, helping our clients deliver exceptional customer experiences.”
“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.”
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: .
Akur8’s US$30mn Series B to fuel US and APAC expansion
Still a relatively new company in the sector, Akur8’s progress since it was founded in 2018 has been characterised by cutting-edge tech, strategic growth, and a highly personable approach that clearly demonstrates the youthful innovation of insurtech itself.
The company strives to embody four key values:
- Challenging a status quo that doesn’t benefit customers
- “Disrupt the known, organise the unknown”
- Provide artificial intelligence (AI) tech with a distinctly human edge
- Create solutions that will endure the test of time
At the heart of Akur8’s business is its Transparent AI solution. Capable of empowering actuaries and pricing teams through better, faster decision making, the insurtech touts it as “the only solution that automates rate modeling while keeping full transparency and control.”
Transforming insurance pricing
In just two years, Akur8 has acquired over 30 customers in 10 countries - including high-profile insurers like Munich Re, Tokio Marine Kiln, AXA, and Generali - and established additional offices in London and New York. Now, the company is keen to develop its business in the US’ verdant insurance market and build its presence in APAC.
“The BlackFin team is thrilled to see Akur8 continue to spread its wings and deploy its next generation pricing platform across insurance carriers worldwide,” said Julien Creuzé, Partner. “We have built a great relationship with the Akur8 management team and it’s a pleasure to welcome new investors and continue this journey with them.”
Guillaume Beraud-Sudreau, Co-Founder and Chief Actuary at Akur8, added, “We are humbled by the trust that our clients and investors have placed in Akur8. Building the future of insurance pricing powered by Transparent AI has been our goal since the first day of R&D. Now this vision has become reality and we can’t wait to accelerate our growth to become the global reference in insurance pricing.”
Cover image source: Akur8