Shift Technology is a technology startup that specializes in providing automation and optimization services for the global insurance industry. This is a company that has made remarkable progress in establishing a strong presence in the world with its products and services. To help you become more familiar with this rapidly growing tech startup, here are 20 things you didn't know about Shift Technology.
1. Shift Technology was founded in 2014
According to the official Shift Technology website, the company has been in business for 6 years. It's entering into its 7th year providing its tech products for companies throughout the globe. Shift Technology focuses on helping companies detect any potentially fraudulent activities and squelch all threats before they cause harm to the businesses or their customers.
2. Shift Technology is a French company with an international presence
Shift Technology was established in the city of Paris, France, which is becoming a more recent hotspot for technology startups. The franchise has expanded its operation with offices established in Boston, Massachusetts, Tokyo, Japan, London, England, Madrid, Spain, Zurich, Switzerland, Singapore, Toronto, Canada, Sao Paulo, Brazil, and Hong Kong, China.
3. Shift Technology offers a global insurance protection platform
Shift Technology's products and protection services are geared toward companies that function within the insurance industry. It was developed to provide a solution to the ongoing problem of fraud within the industry. It is an automated tech platform that has built-in features that help to detect fraudulent activity for investigators to follow up on. hundreds of millions of claims are analyzed by Shift Technology products each year.
4. Shift Technology is an award-winning business
Shift Technology has been recognized for its excellence by three prestigious firms. It was named by the Innovation Commission 2030 of France as the first-place competitor in the 2018 Worldwide Innovation Challenge. It was designated as one of Europe's 100 Hottest Startups in 2018 by Wired UK. Shift Technology was also named as number four on Insurance Post's 2019 InsurTech 100 list. These are big acknowledgments that give us an idea of how popular and successful the business has become. It's significant progress for a company that has only been around for less than a decade. Shift Technology is gaining a great deal of recognition in the technology and in the insurance industries for the useful and innovative products it offers clients.
5. The Mission of Shift Technology is to transform the insurance industry
The two overarching goals of Shift Technology are to reduce fraud and to maximize claims efficiency. These are two issues that are widely recognized as the largest problems within the industry. Shift Industry has gained ground in its popularity by addressing both through its platform that simultaneously provides automatic detection of fraudulent activity while helping to speed the claims processing practices for insurance claims. Insurance companies stand to save billions by identifying fraudulent claims before they are paid out. The often cumbersome and confusing claims processing has needed attention for decades. Shift Technology provided a more streamlined system that makes this process move at a faster pace which also helps to save clients money in wasted time and effort.
6. Shift Technology uses artificial intelligence
The primary technology that Shift Technology uses to power its fraud detection platform is based on artificial intelligence. It is a Software as a Service provider for enhanced decision automation and optimization solution that is designed primarily for the insurance sector. According to Crowdfund Insider, the company maintains a continual focus on research and development of enhanced AI technology to keep up with the more sophisticated methods of fraud that are being created by criminals who make their living on generating phony claims to collect the proceeds.
7. Shift Technology partnered with Advent International
It has recently been announced that Shift Technology has entered into a new partnership with Advent International. As a part of the agreement, the company is preparing to make another giant step forward with the $220 million in financial backing it has received in the deal. CEO of Shift, Jeremy Jawish stated that Shift Technology has barely scratched the surface of its true potential for using AI technology to create decision automation and optimation. There is much more to be done and they're gearing up for another big push with the new partnership.
8. Shift Technology has launched a new product
After six years in the business, Shift Technology is still optimizing its claims automation solutions with yet more innovations. It recently launched a new product that it calls its Insurance Suite. This platform enables insurance providers to leverage more features of the AI-powered automation and optimization technology to more of the critical processes related to subrogation, compliance, and underwriting. Shift Technology's product lines are evolving with the changing needs of Insurance providers to maintain an edge over the competition.
9. Shift Technologies serves 25 countries
The tech firm has now expanded its reach to provide its solutions in even more countries throughout the world. So far, Shift Technology has analyzed nearly 2 billion insurance claims. It serves clients from 25 countries throughout the world and as of the last accounting, it has over 100 international clients.
10. Shift Technology is getting ready for another expansion
We also learned that Shift Technology is getting ready for another big push to expand its reach throughout the world. It recently received venture capital funding to finance a venture that will help to expand more its operations more fully into parts of Asia, Europe, and within the United State of America. For the American market, the target is to achieve deeper penetration into the property and casualty sector of the insurance industry as well as more deeply into the massive health insurance industry, where there are many untapped opportunities just waiting to be accessed.
11. Shift Technology is a disruptor in the industry
The products and services that Shift Technology provides have the potential to reshape the insurance industry. This is a revolutionary approach to changing an archaic system that has too long relied upon manual and time-consuming claims processes. The majority of errors made on claims processes come from human error when workers become overburdened with the time-consuming high workloads that take far too long to process by hand. Shift Technology has developed software that offers a safer and faster way to automate many of these laborious processes. This is the way that Shift Technology stands to disrupt the old industry and provide better ways of claims processing that will forever change the way that these processes are done.
12. Shift Technology is hiring
According to LinkedIn, There are currently 42 new jobs available through Shift Technology. The company is getting ready for its pending expansion efforts by opening up new positions throughout the world. They are currently in the process of recruiting a Senior Account Executive in Tokyo, Japan. There are also jobs for data scientists offered in multiple countries throughout the world to help in the push to develop new and more innovative solutions that will expand the features that are currently offered to clients.
13. Shift Technologies is also expanding into Mexico
One of the untapped markets that Shift has yet to mine is the market in the country of Mexico. Although we have yet to see any formal announcement of its plans to move into Mexico, there is a position listed for a new hire in Mexico City, Mexico. They're advertising for a data scientist in this location. This employee will set up and deploy the production of Shift Technology solutions in Mexico. This confirms that a rollout is eminent in a new geographical region.
14. Shift Technology solicits input for improvements
Each data scientist hired to work with new clients has received instructions to work with technical experts and to solicit feedback from clients. The company is highly interested in pinpointing any problem areas with the software solution to learn how to better serve clients in specific niches of the insurance industry. The firm is only interested in hiring workers that are comfortable working with clients and listening to any concerns that arise to report them to the tech experts to provide a better experience for all involved.
15. Shift Technology hires educated and experienced staff
As we browsed through the various job postings for Shift Technology, we noticed that the company is strict in hiring people who are well-qualified and at a professional level. While Shift does offer internships for those who are just learning their trades, the data scientists and other professional-level jobs have fairly stiff requirements to qualify for application. A Data Scientist must possess at least 2-5 years of relevant experience. In addition, they must possess a Master's degree, ideally in data science, computer science, or related subjects. They are willing to consider applicants who hold a master's in engineering, statistics, or mathematics. Staff must be able to work with object-oriented programming languages and be willing to learn new ones as well as write quality production code.
16. Shift Technology is also hiring remotely
Shift Technology has also needed to make changes in the way their staff work over the past two years. Because of the shutdowns caused by the Covid-19 pandemic, the recruitment and onboarding processes for getting a job with the company are conducted remotely from the homes of the applicants. Workers who join the company have the option of going into the office to work, but Shift Technology is extremely flexible and does allow for remote onboarding.
17. Shift Technology is a unicorn company
According to Techcrunch, Shift Technology has reached unicorn status. This is an elite group that means a company has reached a valuation of at least $1 billion. As a part of the new partnership that was formed with Advent International, a Series D round was launched that brought in an additional $220 million, which brings the total of venture capital funding to Shift Technology to $320 million. The company has a valuation that is more than $1 billion, but the precise number was not confirmed.
18. Shift Technology is led by an 8 member executive team
According to Crunchbase, there are 8 executives in charge of leading Shift Technology forward. The executive staff includes Jeremy Jawish, the chief executive officer and co-founder, Davide Durrleman, co-founder and chief technology officer, Arnaud Grapinet, chief data scientist, Eric Sibony, co-founder and CSO, Jessical Djeziri, the head of human resources, Don Matejko, chief revenue officer and president of WW field operations, Stephanie Steel, chief of staff, and Robert Morton, head of corporate communications.
19. Shift Technology has a 9 member board of directors
There are more members on the board of Shift Technology than there are executives on the leadership team. This means that there are more advisors to help guide and direct the forward trajectory of the enterprise. The board is comprised of a group of experts in the business world. Pierre Brigadeau, Stephane Mallat, and Pierre Maze are advisors joined by board members Sonali De Rycker, partner at Accel, who currently serves on 11 boards and advisory committees. Brian O'Malley is a General Partner at Forerunner Ventures and sits on 18 advisory boards. Julien-David Nitlech is a managing partner at Iris Capital with 5 board and advisory roles. Philippe Gire is a partner at Elaia and serves on 5 advisory boards. They're joined by Chris Schoettle and one other undisclosed advisor/board member.
20. Shift Technology is powered by 58 active technologies
Shift Technology works on a complicated array of technology products that deliver streamlined results through 35 technology products. This tells us that the overhead for operation is high, but the company is making a decent profit at the same time. The Shift Technology website requires 58 different technologies, including Viewport Meta, iPhone/Mobile Compatible, Google Analytics, jQuery, HTML5, and dozens of others. It takes a complex system to effectively direct machine learning and AI technologies to detect and alert insurance companies to potentially fraudulent claims and to streamline the old systems to make them more compliant with regulations and faster to complete. It's a company that is providing the essential improvements that the insurance industry previously lacked.
Written by Allen Lee
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