Thank you, Shift Technology!
On 19th September 2017 the final presentations for The Digital Insurer Startup InsurTech Awards were held.
In this unique format four finalists presented online to The Digital Insurer community.
The three other finalists were:
Thank you again to all the companies who made submissions, shared their innovations and showed they are working together to accelerate the digital transformation of insurance.
Learn more about Shift Technology – Their submission statement
Studies estimate that 5%-10% of all insurance pay-outs are destined to fraudulent claims. Research further suggests that only a small fraction of that fraud is being detected, resulting in hundreds of billions in financial loss for insurers.
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 behaviors, 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: analyzing 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. The fastest ROI has been reached in under three months, with 100% of clients achieving ROI within 12 months. Furthermore, yielding an average hit rate of 75%, compared to an industry best of 20%, Force™ minimizes the chance of false positive alerts and boosts customer satisfaction and retention rates.
With over 90 million P&C claims analyzed 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 $12MUSD in seed and Series A funding rounds with Accel Partners and have opened offices in Spain, Singapore, and Hong Kong. They have signed contracts with more than 25 insurers throughout Europe, Africa, Asia, and the Americas. In 2016 alone, Shift landed coveted partnerships with three national anti-fraud associations.
While initially launching their product within auto insurance, they have since extended their offering to include home, travel, and health business lines. 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 2017. In just three short years, their trio of founders has evolved into a robust team of 60 data scientists, developers and project managers, and the team will continue to scale as they expand into new markets.