Contact person: Jeff Manricks
Email address: email@example.com
Contact number: 07389185257
The Digital Insurer Startup InsurTech Award
Shift’s fraud detection solution, Force™, provides a decision-making platform speciﬁcally designed for insurance fraud handlers to augment their capacity to detect a wide spectrum of fraudulent behaviours, from opportunistic to organized crime rings. The idea is not to replace the human fraud handler, but replicate his or her deductive reasoning and apply it at large scale. The insurer simply sends Shift their claims data and Force™ takes care of the rest: analysing the claims, retrieving and cross referencing relevant information from both internal and external databases, and sending scored alerts in real-time.
While other fraud analytics also offer rudimentary claims scoring, Shift Technology goes beyond simply providing probability of risk; they also furnish clear, actionable insights on which indicators make the claim suspect. Furthermore, depending on the circumstances surrounding the claim, our context-sensitive model can intelligently increase (or decrease) the weight of suspicious indicators and when necessary, provide a framework to detect fraudulent networks.
Shift is currently working with a large number of global insurance companies and the feedback has been overwhelmingly positive. Following a build phase for which Shift charges a fixed implementation fee, the client enters a ‘pay-per-claim’ scheme- a fee negligible in light of average costs per claims passing through the system. With ROIs ranging from 5-8x, Force™ has delivered substantial savings to its partners, all of which have achieved a positive ROI within 3-12 months. Furthermore, yielding an average hit rate of 75%, compared to an industry best of 30%, Force™ minimizes the chance of false positive alerts and boosts customer satisfaction and retention rates.
With over 130 million P&C claims analysed and myriad alerts evaluated and classified by fraud handlers, Shift’s AI benefits from a vast data supply and industry expertise rendering Force™ increasingly powerful with time.
Since launching Force™ in 2014 out of Paris, Shift has raised $40MUSD in seed and Series A funding rounds with Accel Partners and have opened offices in the UK, Switzerland, Spain, Singapore, and Hong Kong. They have signed contracts with more than 50 insurers throughout Europe, Africa, Asia, and the Americas, including but not limited to AXA, Generali, Liberty Mutual and Allianz. In 2016 alone, Shift landed coveted partnerships with national anti-fraud associations in France, Hong Kong, and Singapore.
While initially launching their product within auto insurance, they have since expanded their offering to include home, travel, and health business lines. For the latter, Shift has been recognized by MetLife who selected them as one of eight start-ups to join their tech innovation lab in Singapore. For their proprietary advances in Artificial Intelligence, as it relates to the insurance industry, CB Insights has included Shift on its global AI Top 100 list for 2018. In just four short years, their trio of founders has evolved into a robust team of over 100 data scientists, developers and project managers, and the team will continue to scale as they expand into new markets.
Shift Technology has received numerous prestigious awards acknowledging the solution’s performance, most notably with regards to technological innovation and artificial intelligence:
● In 2014 Shift Technology won the Global Competition for ‘Innovation in Big Data’.
● In 2016 Shift Technology was named a ‘Top-20 European InsurTech’ by KPMG.
● In 2017 Shift Technology was listed in CB Insight’s ‘AI 100’ globally as one of the ‘100 most promising enterprises’ in the field of Artificial Intelligence.
● In 2018 Shift Technology was awarded the ‘Future Unicorn Award’ in Artificial Intelligence and Big Data by Challenges.
● In 2018 Shift Technology was awarded the 'Global Innovation Challenge' for its second offering 'Luke' a full
Shift Technology fuses the ANALYTICAL POWERS OF MACHINES with INDUSTRY EXPERTISE to reproduce the DEDUCTIVE REASONING of your claim handlers within our next generation solution. Luke™ promises to OVERHAUL the INEFFICIENCIES inherent to claims processing, replacing existing core systems with STREAMLINED AUTOMATED PROCESSES. From the FILING of a claim to the policyholder PAYOUT; AI will be PRESENT every step of the way, REDUCING end-to-end handling time from WEEKS to MINUTES.
“With the Shift interface, in less than three minutes, we see exactly where we need to focus our investigation of the case. The information is very clear.”
Tier 1 - Insurer
“The Shift Technology team is very proactive and quick to respond to questions and changes, hereby really fine tuning the solution to our specific needs.”
Tier 1 - Insurer
“Shift Technology has helped us uncover fraud schemes that, even just one year ago, we hadn’t imagined existed.”
European Anti-Fraud Association
“The speed and ease with which the Shift solution analyzes data makes this difficult job seem simple. Additionally, the UI is very user-friendly, making it easy for the team to work with!”
Tier 1 - Insurer
“We are very satisfied about our collaboration with Shift. The results exceeded our expectations given the limited amount of data we had available.”
Tier 1 - Insurer