Automated insurance fraud detection could be a step closer to reality after a start-up raised $10m in a funding round. Shift Technology, a Paris-based company developing a fraud detection platform, sucked in the cash from backers including Accel, Elaia Partners and Iris Capital.
The team at Shift believe the current manual model for fraud detection means only 15% of cases are ever uncovered. The company’s platform uses data analytics and machine learning to find dubious claims, detect the type of fraud that is being attempted, and identifies cases requiring further investigation. Shift claims to be able to identify 75% of fraud cases, and its new backers are clearly suitably impressed.
Shift, founded in 2014, had previously raised $1.8m seed funding and already has clients around the world. The new money will be used for further product development and staff expansion. Jeremy Jawish, the company’s CEO, said: “When using Shift, companies meet their savings expectations in a few months. This investment will help us to continue innovating in the claim sector and strengthening our global presence,”
Accel’s Sonali de Rycker will be joins Shift’s board as part of the deal, and said: “The customer traction to date has been very exciting, and we look forward to partnering with the team as they continue to revolutionise insurance fraud detection.”
