Shift Technology raises another $28 million to prevent fraudulent insurance claims – TechCrunch

Technology
Pinterest

Shift Technology raises another $28 million to prevent fraudulent insurance claims – TechCrunch

Shift Technology is raising a Series B round of $28 million from Accel and General Catalyst. Accel had already led the company’s previous round. Existing investors Elaia Partners and Iris Capital are also participating in today’s round.

And it seems like the startup has grown quite a lot since my last article. Shift Technology has now processed more than 100 million claims and revenue has grown by more than 800 percent.

Shift Technology uses artificial intelligence and huge data sets to detect patterns and flag fraudulent insurance claims. It is a software-as-a-service platform designed for insurance companies.

While there are a ton of fraudulent claims, they are sometimes hard to spot. And it also requires a lot of resources to look at all claims.

Shift Technology has convinced 45 companies they should spend a bit of money on a startup so  they could save a lot of money. It’s an easy sell, and I’m not surprised that dozens of companies are now relying on Shift Technology. The startup also has expanded to healthcare products and is working with AG2R La Mondiale.

With today’s funding round, Shift Technology plans to open an office in New York and another one in Tokyo. This way, the startup can get clients in other markets and expand to new industries.

Let’s block ads! (Why?)

Source link
________________________________________
For additional technology articles, visit my site: Through The Eyes of Geek

cmgn616

I'm a pretty simple, fallible man who loves God, family, and being a better man than I was yesterday. I'm into technology, finances, politics, and a couple hobbies.
Previous
Five Technology Visionaries Discuss Our Digital Future – Forbes

Leave a comment

Subscribe

Archives

Categories

Calendar

October 2017
M T W T F S S
« Sep    
 1
2345678
9101112131415
16171819202122
23242526272829
3031  

Follow me on Twitter