Strategic Investment Extends Company’s Recent Series D Funding Round and Strengthens Existing Partnership
PARIS and BOSTON – November 2, 2021 – Shift Technology, a provider of AI-driven decision automation and optimization solutions for the global insurance industry, today announced that Guidewire (NYSE: GWRE), has made an investment extending the company’s recent Series D funding event. This strategic investment is intended to support ongoing technology innovation and go-to-market acceleration.
“Shift is well known in the industry for its leadership in fraud detection and its innovative use of artificial intelligence to help insurance professionals make the best possible decisions across the underwriting and claims processes,” said Mike Chen, vice president, Corporate Development and Ventures, Guidewire. “By investing in Shift, we are helping to fuel that innovation engine to the benefit of our joint customers and the insurance industry in general.”
Shift officially joined the Guidewire PartnerConnect program as a Solution partner in 2019 and in early 2020 published the Shift Claims Fraud Detection Add-on for ClaimCenter in the Guidewire Marketplace. This integration between Shift and Guidewire makes it possible for insurance professionals to receive real-time alerts in their ClaimCenter environment, helping them make claims decisions as quickly, accurately and fairly as possible.
“Today’s insurance professionals are facing any number of challenges, not the least of which is how to assess the validity of a claim and then decide how best to proceed,” explained Martin Fitzpatrick, CFO, Shift Technology. “This investment in Shift is an important acknowledgement of the work our two companies have already done together in this space and what we can do together in the future.”
About Shift Technology
Shift Technology delivers the only AI-native decision automation and optimization solutions built specifically for the global insurance industry. Addressing several critical processes across the insurance policy lifecycle, the Shift Insurance Suite helps insurers achieve faster, more accurate claims and policy resolutions. Shift has analyzed billions of insurance transactions to date and was presented Frost & Sullivan’s 2020 Global Claims Solutions for Insurance Market Leadership Award. For more information, please visit www.shift-technology.com.