NEW YORK--(BUSINESS WIRE)--Shift Technology, a solution provider with a focus on enabling insurance organizations to successfully tackle the ongoing and growing claims fraud challenge, today announced it has been recognized by the French government for innovation. Shift Technology was awarded the first-place prize in the Worldwide Innovation Challenge sponsored by France’s Innovation Commission 2030.
The company was recognized for its Stardust program, an R&D initiative focused on the automation of the insurance claims process through the application of artificial intelligence (AI) technology. Shift Technology’s program goal is to bring a greater level of automation to the insurance industry still challenged with a highly-manual and time-consuming process for claims review, resolution, and payout.
The Shift Stardust program is continuing with further development and refinement, with the objective of introducing a commercially available technology solution to the industry to enable insurers to resolve claims in a matter of minutes versus the current time required of weeks, and sometimes months.
“We are thrilled to be recognized as an innovative company and thank the French government for sponsoring the Challenge,” commented Jeremy Jawish, CEO and co-founder of Shift Technology. “Unlike many other industries that have been quick to modernize and automate processing, the insurance industry continues to lag behind – often due to the complexity and unpredictability of processes, like claims, that still rely heavily on human experience and judgment. The result is often a backlog of work and a delay in claims payments to policyholders.”
Jawish continued, “By applying artificial intelligence to the claims process, we are able to automate much of the effort, drastically short the claim review and payment cycle, and enable insurers to improve their policyholder satisfaction. The ability to automate claims will be a game changer for insurers.”
About the Worldwide Innovation Challenge
The French government launched the Worldwide Innovation Challenge to foster talent and bring out future champions of the French economy. This is accomplished by identifying and providing support for the growth of both French and foreign entrepreneurs whose innovation projects have significant implications for the French economy. This Challenge encourages the talents of today in order to create the collective wealth of tomorrow, whether these talents are in France or abroad. The French government thus hopes to attract the world's best talents, so they can complete their projects in France. With this Challenge, the French government is introducing a genuinely forward-looking policy resolutely committed to supporting creators, innovators and risk-takers.
About the Innovation 2030 Commission
Launched in 2013 by the President of the French Republic, the Innovation 2030 Commission is comprised of 20 individuals from various backgrounds: entrepreneurs, investors, scientists, elected officials, advertising executives, journalists, etc. The Commission is tasked with proposing a limited number of ambitious goals, based on key innovations, to ensure long-term prosperity and employment in France. The idea is to foster the emergence, over the next decade, of the next generation of entrepreneurs. This is accomplished by focusing on business activities that meet society's future needs and create both value and jobs in France.
About Shift Technology
Shift Technology is a software solution provider with a focus on enabling insurance organizations to successfully tackle the ongoing and growing claims fraud challenge. Leveraging its expertise in artificial intelligence and insurance, Shift introduced its fraud detection solution FORCE™ in 2014 and has successfully engaged more than 50 insurers globally. To date, Shift has raised over $40 million in capital investment and was named by CB Insights as one of the Global AI Top 100 in both 2017 and 2018. For more information, visit www.shift-technology.com.