Shift Technology

Shift Technology is a Software-as-a-Service (SaaS) solution which draws on big data analytics and machine learning technology to spot patterns of fraudulent activity in insurance claims. The company works with claims handlers, providing them with a decision support platform which automates fraud detection processes, helping insurers decide which cases require more investigation.

By providing a SaaS model, Shift can improve its software over time by combining machine learning technology with data collected from insurance clients to educate the algorithms used. Furthermore the data collected across the entire client portfolio can be anonymously aggregated to provide useful insights and the improvement of algorithms.

Shift Technology developed its offering with claims handlers in mind, ensuring the software seamlessly integrates into their workload.

The company works with around 100 customers in 25 countries, and has analysed nearly 2bn insurance claims.

In July 2018, Shift confirmed their expansion into the U.S. market by setting up headquarters in Boston to support demand for their patented solution, FORCE. The following year, leading Belgian insurer, P&V, would enter into a long-term agreement with Shift that would see them adopt their patented FORCE™ technology to automate their fraud detection capabilities.

In May 2020, Shift announced a strategic partnership with Snapsheet. The move brings together Shift's AI-fraud detection and claims automation and Snapsheet's claims management and virtual appraisal solution. In practice this means Snapsheet users will benefit from pro-active notifications of fraudulent claims.

In August 2020 Shift partnered with Canada's iA Auto and Home Insurance, providing them with Force, its fraud detection service.

In September 2020, Shift partnered with Tokio Marine Indonesia to provide auto insurance AI fraud and claims services.

The following month, Shift partnered with MAPFRE to create a new claims process. Shift has joined insur_space, MAPFRE's startup engagement program, and during the next few months will develop a roadmap for a more friendly and transparent claims experience.

In December Shift Technology announced its working with Elephant Insurance, helping to improve fraud detection in the P&C insurer's claim process.

In February 2021, Shift Technology partnered with digital solutions provider CRIF to offer the latter's counter-fraud intelligence solution, Sherlock, to MIB CUE members. Sherlock cross-searches millions of aggregated records in real time, and already works with around 100 UK insurers. It's now available to MIB CUE members (via Shift) to strengthen claims fraud detection analysis.

In April 2021 Shift Technology secured a 'landmark partnership' with the UK's Insurance Fraud Bureau to develop a fraud detection system for the UK insurance industry, which will launch in 2022. The system will aim to dramatically reduce the £3bn that fraud costs the economy every year by leveraging AI to scale and accelerate operations.

In May 2021 Shift Technology became a Unicorn after raising a $220m Series D round. Shift stated the new funding will be used to further expand in the US, Europe and Asia.

During November 2022 insurance data intelligence provider Percayso announced a strategic partnership with the company to provide fraud detection systems. 

Core investors include Accel Partners and General Catalyst, who have previously invested in Slack, Dropbox and Airbnb.