Paris-based AI SaaS provider to the insurance industry Shift Technology has raised $220 million in a Series D round led by Advent International. Avenir, Accel, Bessemer Venture Partners, General Catalyst, and Iris Capital also participated. With this round, Shift’s total investment to date rises to $320 million and gives the company a valuation of over $1 billion.
Shift is reporting that the fresh capital will be used to expand its market presence in the US, Europe, and Asia. In the US market, Shift is particularly interested in the property and casualty vertical, as well as health insurance.
“Shift has made a name for itself in the complex world of insurance,” said Advent Tech’s Thomas Weisman. “Shift’s advanced suite of SaaS products is helping insurers to reshape manual and often time-consuming claims processes in a safer and more automated way.”
Founded in 2013 by David Durrleman, Eric Sibony, and Jeremy Jawish, Shift Technology name for itself with fraud detection and claims automation. Earlier this year, the firm released the Shift Insurance Suit, a product that enables insurers to apply AI-based decision and automation technology to underwriting, subrogation, and compliance.
Shift Technologies serves 100 customers in 25 countries and reports nearly two billion insurance claims analysed.
“The entire Shift team has worked tirelessly to build this company and provide insurers with the technology solutions they need to empower employees to best be there for their policyholders,” comments CEO and co-founder Jeremy Jawish. “We have only just scratched the surface of what is possible when AI-based decision automation and optimization is applied to the critical processes that drive the insurance policy lifecycle.”