Shift Technology, a French provider of claims processing solutions, raised USD 220 million in Series D funding at a valuation of over USD 1 billion. The round was led by Advent International, with participation from previous investors such as Accel, Bessemer Venture Partners, and General Catalyst. Shift’s total funding following this round stands at USD 320 million.

The company expects to use the funding to expand its presence in the property and casualty market and also venture into other insurance verticals such as health. The funding will also be channeled towards accelerating business growth in the US.

Shift Technology has more than 100 customers across 25 countries, including insurance companies such as AXA, Generali France, and Mitsui Sumitomo. The company’s platform has analyzed close to 2 billion claims as of April 2021.

Founded in 2013, Shift Technology offers a platform that uses artificial intelligence and a combination of internal and third-party data to flag potentially fraudulent claims. Furthermore, it also provides a white-label mobile app that takes advantage of the company’s fraud detection capabilities and enables insurers to streamline their entire claims function from First Notification of Losses (FNOLs) to disbursements.