Parisian Shift Technology to Expand to New York and Tokyo Post $28M Series B
Insurance fraud detection platform Shift Technology announced it has raised $28M in a Series B round, bringing its total funding to date to $39.8M . The round was led by Accel and General Catalyst.
The SaaS company, established in Paris in 2013 by Jeremy Jawish and Eric Sibony, offers two solutions: Force and Luke. Force is a decision-making platform designed for insurance fraud handlers to scale their capacity and to detect various fraudulent behaviors and networks. Luke is an automated claims processing system based on scanned documents that allows insurers to offer direct claims settlements.
“In many lines of business, claim handlers must read, analyze and sometimes manually enter data from scanned documents to process their claims: cost estimates in home, flight tickets in travel, invoices in health, medical certificates in workers’ compensation, payment statement in incapacity or death records in life insurance. These tedious tasks represent an important workload, are prone to many errors and mostly do not bring much added value. The ability to automate them would thus be a game changer for insurers” – Eric Sibony described in a recent post the reasoning behind the startup’s first leap beyond fraud detection.