Shift Technology, the insurtech revolutionizing the fight against insurance fraud, becomes a unicorn. Its latest round of financing, worth $220 million, has enabled the start-up to pass the billion-dollar mark. Let's take a closer look at this company at the cutting edge of technology.
Artificial intelligence for fraud detection
Founded in 2014 in Paris, Shift Technology specializes in automatic fraud detection for companies in the insurance and financial services sector . Its strong point? Artificial intelligence is at the heart of its strategy. Thanks to this and machine learning, the start-up has developed powerful tools to analyze and detect fraudulent behavior, helping its customers to reduce the financial losses associated with fraudulent activities.
According to Maxime Bizien, Managing Director of ALFA (Agence de lutte contre la fraude à l'assurance), "the potential for fraud in Europe is estimated at 10% of benefits paid out".
Today, Shift Technology focuses on the automobile and property and casualty (P&C ) insurance sectors. In 2020, the latter represented 368 million euros in fraud. What's more, the start-up has made no secret of its desire to conquer the healthcare sector, which also accounts for 50 million euros in fraud.
From start-up to key player in the fight against fraud
As Jérémy Jawish, co-founder of Shift Technology, states, "It took us two years to gain the trust of our first partner, thanks to our AI-based fraud detection solution.". Despite a rather "slow" start, in recent years the company has experienced a veritable explosion in demand. Indeed, its cutting-edge technology is winning over customers.
Today, the company is present in over 25 countries, offering a wide range of turnkey tools for insurers. To meet this growing demand, the company's founders are supported by over 600 employees worldwide.
Shift Technology, France's 13th unicorn
Since its creation, the company has raised several rounds of financing. The latest? May 2021, with a $220 million financing round . This latest round has enabled the young start-up to reach a valuation of one billion euros and become France's 13th unicorn.
Thanks to this latest round of financing, Shift Technology plans to open an artificial intelligence center dedicated to the insurance industry and recruit over 300 data scientists within the next two years.
In total, the company has raised over $320 million since its creation. A sum which testifies to the market's recognition of the innovation and relevance of the solutions offered by the company. Today, Shift Technology is one of France's leading AssurTech unicorns, alongside its cousin Alan.
Shift Technology: key facts
Number of employees to date
By 2022, the Shift Technology team had grown to 600 employees.
Sales figures
In 2020, the unicorn recorded sales of over 50 million euros.
Going public
Shift Technology is not yet listed on the stock exchange. However, co-founder Jérémy Jawish does not rule out a possible IPO in the future.
Scalability
Thanks to its artificial intelligence-based fraud detection solutions, the company can easily adapt to growing customer demand. Its advanced technological approach enables it to extend its services internationally, while maintaining optimum efficiency in the fight against fraud.
Mantra/Citation CEO
"We're not here to have the coolest gadgets. We respond to specific, current insurance needs." - David Durrleman, co-founder of Shift Technology.
