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Raising $1.4 million in 2014, $10 million in 2016, then $28 million in 2017, Shift Technology is one of France's most promising young firms. The start-up specializes in a very specific segment of the market, but one that is highly promising given the strong demand for its services. It offers a SaaS solution for insurance companies, enabling them to detect fraudulent declarations and thus combat insurance fraud.
The company has already established itself as a leader, since its artificial intelligence tool, used by 45 insurers worldwide, has made it possible to secure 400 million declarations of various kinds.
Shift Technology, the digital companion for insurers. 21/08/2021
- Created in 2014 and operational since 2015, Shift Technology markets its products to around 100 customers worldwide, with its artificial intelligence-based technologies.
- It raised $220 million last May, which gave it unicorn status.
- Its 2020 objectives are to reach 100,000 customers and 500 million euros in written premiums.
- In 2020, nearly $660 billion in premiums will have been collected across the Atlantic.
- China, which is obviously a golden market for Shift due to its size, boasts two insurance giants that are highly advanced in terms of technology, even if they are less well known than the likes of Tencent, Alibaba and Alipay.
- Shift has 218 million policyholders.
- It is currently setting up an artificial intelligence center dedicated to insurance in France, which will employ over 300 data scientists within two years.
- 30 foreign employees recently hired
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