How Shift Technology wants to optimize decision making for insurers through information

Can you turn on Shift technology?

Shift Technology is a company founded in 2013 by Jeremy Javisch, David Durelman and I in Paris. The company provides the insurance industry with decision-making based on artificial intelligence and data science, including automation and optimization technology. The technology specifically helps insurers detect fraud and find opportunities when making claims, analyze risks when underwriting, and identify compliance risks related to the fight against money laundering and terrorist financing. Our technology supports insurers’ automation initiatives by making decisions optimized using unorganized data, including free text and documents. We completed our last fundraising (Series D) of 220 million in May 2021, we have offices in ten countries and we have hired more than 450 people.

What’s new in Shift Technology’s offer?

Shift has decided to expand its range of products from fraud detection (always at the center of our mission) to the decision-making optimization of insurers. So we’ve implemented Shift Insurance Decision Platform, a software platform that uses artificial intelligence to help insurers make better decisions throughout the underwriting and claims process. How does it work in practice? The platform aggregates and analyzes data (from insurers, users and external sources) to provide accurate recommendations to insurance managers. A claim seems dubious, and why? Is there a possibility of appeal? Do the documents submitted by the insured justify the request and can they be processed without human intervention? Should a policy be taken for a specific client? Using AI in this way adds incredible efficiency to the decision-making process, resulting in an exceptional customer experience.

What is the addition value of your method?

Thanks to the technological basis of information science and artificial intelligence, Shift claims declaration and policy enable decision making optimized through the life cycle. This technological foundation is the result of our R&D activities, conducted by our data scientists, researchers, developers and business experts. To establish and integrate our technology, we are creating the world’s largest data science center dedicated to insurance with the help of French Tech Visa devices, a simplified approach for investors, entrepreneurs and employees. Non-European start-ups who want to set up in France.

We want to grow our international team with hundreds of data scientists and engineers from all walks of life. This will allow Shift Technology to consolidate its position as an international leader and continue to provide insurers with the best solutions based on state-of-the-art technology.

In the financial sector, can you tell us more about Shift Financial Crime Detection?

As you know, at the risk of being approved by the regulatory authority, the insurers have a responsibility to know their customers (know your customer internationally known by the abbreviation KYC).

Failure to conduct all audits to ensure compliance with financing (even without knowing it) terrorism or solicitation and customer identification not only angers European and French regulators, but also outlaws the very strict Americans (Foreign Corruption Practices Act). , Patriotic laws, or those that target transactions with countries under sanctions, etc.) that sometimes use it as an economic weapon against foreign companies.

Shift Financial Crime Detection is a solution that uses artificial intelligence to verify the identity of new insured customers and ensure compliance with their regulations. Utilizing powerful identity resolution capabilities, this solution helps insurers identify when an individual is using multiple, seemingly unrelated insurance policies. The ability to receive data from multiple sources can help identify policymakers at high political risk (for example, authorized by a foreign country). In this way, insurers can keep portfolios out of the limelight and be confident in the face of the risk of regulatory sanctions.

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