Shift Technologies, which provides artificial intelligence (AI)-powered decision automation and optimization solutions for insurance companies, has closed a Series D funding round of $220 million.
Led by Advent International with help from investors that include Avenir Accel, Bessemer Venture Partners, General Catalyst and Iris Capital, this funding round brings total investment in Shift to $320 million. It also gives the company a market valuation of more than $1 billion, Shift said in an announcement on Thursday (May 6).
“Since its founding in 2014, Shift has made a name for itself in the complex world of insurance,” said Thomas Weisman, a director on Advent’s technology investment team in London. “Shift’s advanced suite of SaaS products is helping insurers to reshape manual and often time-consuming claims processes in a safer and more automated way. We are proud to be part of this exciting company’s next wave of growth.”
Founded as a company making fraud detection and claims automation software, Shift in January introduced its Shift Insurance Suite to allow insurers to “apply AI-based decision automation and optimization technology to an even wider array of critical processes across the policy lifecycle, including underwriting, subrogation and compliance,” the company said in the release.
Shift, which now serves more than 100 customers in 25 countries and has analyzed close to two billion claims, said it will use this investment to expand its footprint in Europe, Asia and the U.S. In America, the company will move to expand into the property and casualty and health insurance markets.
“The entire Shift team has worked tirelessly to build this company and provide insurers with the technology solutions they need to empower employees to best be there for their policyholders,” said Jeremy Jawish, CEO and co-founder, Shift Technology. “We have only just scratched the surface of what is possible when AI-based decision automation and optimization is applied to the critical processes that drive the insurance policy lifecycle.”
For a closer look at how insurance fraud affects consumers and the industry as a whole, read PYMNTS’ Deep Dive from last year.