Paris startup Shift Technology raises 10 million to help insurers fight fraud with artificial intelligence

Shift Technology, a software-as-a-service (SaaS) platform that leans on artificial intelligence (AI) to help companies combat insurance fraud, has raised 10 million in a round led by Accel, with participation from existing investors Iris Capital and Elaia Partners. Founded out of Paris in 2013, Shift Technology taps machine learning smarts to combat insurance fraud, using what it calls a "decision support platform" that automates the process of detecting fraud and helps humans prioritize which cases to follow-up on. In addition to using big data to highlight spurious claims, Shift Technology's tools also explain the kind of fraud that's likely involved and point to specific facets of a claim that are worth exploring further. As with most machine-learning systems, Shift Technology promises to improve over time by tapping user feedback and additional data. The company claims to have processed more than 50 million claims for insurers around the world since it was launched in 2014.