Taking pride in being a trusted SaaS firm focused on providing fraud detection software to insurers, Shift Technology has managed to reach a value of over $1 Billion by pooling a whopping amount of $220 Million in its latest fundraising event.
The France-based startup Shift Technology is fast expanding its business in the insurance industry through constant support from its client cluster, including the MS&AD of Japan, the FWD Group of Hong Kong, and the AXA of France. The fetched amount will help the firm further its product portfolio by developing innovative and advanced solutions fueled by the latest technology. The high-tech software of the portal scrutinizes the insurance claims to warn the insurers about any malicious intruder using the policy to commit money laundering or fraud.
Shift Technology aims to deliver tools and software that are innovative in approach and successful in ensuring the security of funds for the customers. The team aspires to explore the property, mishap, and health care insurance domain in the future. The recent fund pooling brought the total investment figure to $320 Million for the company giving a big boost to its total valuation. The event was led by Advent International, Avenir, along with General Catalyst, Accel, and Iris Capital.
In an interaction, the CEO and Co-Founder of Shift Technology, Jeremy Jawish, stated that a wide range of products would be created to enhance the potential of the health insurance industry. This will help to eradicate instances of incorrect or malicious payments. The funds collected will play an important role in hiring a team of experts who will strengthen the entity’s core infrastructure.
The insurance sector forms an important part of the financial sphere and has been witnessing multidimensional growth over the years. The increased popularity of the domain has made insurance firms shift to a more technologically advanced environment from the traditional labor-intensive field. Today we see banks and insurance companies relying on technology and AI to manage client accounts to reduce the risks of fraud.