- FCA publishes final report of its Wholesale Insurance Brokers market study-no evidence of significant levels of harm that merit the introduction of intrusive remedies but some areas of concern with scope for improvement
- EIOPA issues Recommendations for the insurance sector in light of the UK withdrawing from the European Union without a withdrawal agreement
- Insurance Europe responds strongly to recently-published US Treasury/Internal Revenue Service’s proposed Base Erosion and Anti-abuse Tax (BEAT) regulations
- SCOR "delivers robust growth and solid recurring profitability" in 2018 says CEO Kessler
- KPMG report indicates UK InsurTechs saw over $1bn of investment activity through 2018, up from $792m in 2017
- Allianz increases fund size of digital investment unit to E1bn
- DeadHappy, the UK’s first fully digital life insurance brand, launched expired
- The Floow involved in UK Government’s UPLIFT project to enhance technologies in improved risk understanding for motor insurance products making mobility smarter and safer for all expired
- Unions and insurers issue joint warning about burden of significant increase in EU regulation on insurance workers expired
- FCA announces Goldwag as new Chair of the independent Financial Services Consumer Panel expired
- Antares appoints Battle as CEO expired
- Arig has tough 2018-has taken certain measures to reorganize its Lloyd’s book of business expired
11th July 2018
Shift Technology expands into US market
Shift Technology, a solution provider with a focus on enabling insurance organisations to successfully tackle the ongoing and growing claims fraud challenge, today announced it has expanded its operation to the US insurance market. The region’s growing demand for Shift’s award-winning fraud detection solution FORCETM prompts Shift to establish a US headquarters office and build a broader and deeper US-based team.
The company’s US operation will be located in Boston with Shift’s co-founder and ceo Jeremy Jawish working from the Boston office to help drive the US expansion while continuing to oversee the global operation.
The US sales effort will be spearheaded by Bradley Stoub, Shift’s newly appointed US head of sales. Also joining Shift and based in the US is Dan Donovan, a veteran insurance claims and technology executive who will be serving as global head of product marketing. Stoub and Donovan are tasked with recruiting world class talent to build the US team that will serve the rapidly growing Shift client base in the region, with the initial focus on expanding their existing US-based data science team.
Coinciding with the US expansion news, Shift has also become a member of the Coalition Against Insurance Fraud, a national alliance of government agencies, consumers, insurers and other businesses working to combat all forms of insurance fraud.
With the FBI estimating the total cost of US insurance fraud (not including health) to be in excess of $40bn per year, the need for both Shift’s expertise in advanced analytics and artificial intelligence, combined with the FORCE fraud detection solution is significant.
Shift’s FORCE has been in client production since 2014, on four continents, offering US insurers a mature and proven product, providing a strong track record of Shift’s fraud detection success, and the industry’s largest fraud detection data science team. Adding to Shift’s value proposition is that FORCE has been designed to be easily integrated with the majority of claims management systems, enabling insurers to derive even greater value from their existing claims technology investments.
Commenting on the expansion to the US market, Jawish said “We have been gaining a lot of traction in the global market and are seeing a drastic increase in the interest in our fraud detection and AI capabilities from US-based insurers and organisations. We already have new US clients in production or in the build phase. Given the size of the fraud challenge in the US, expanding our presence, building a strong regionally-based team, and focusing a significant amount of our effort in this critical region was the logical next step in our growth as a company.
I am extremely pleased to introduce our US-based executives Dan and Brad and have tremendous confidence in their abilities to help us build a great U.S. team.”
Prior to joining Shift, Stoub served in the position of vp of sales and marketing for Insuresoft. He was most recently head of sales for Hearsay Systems, a leading venture capital backed SaaS cloud provider for insurance and financial services teams. In addition to his professional career, he earned a B.B.A. in Finance from Loyola University of Chicago and an M.B.A. from the University of Notre Dame. In his new position with Shift, Stoub will report directly to Virginie Haas, chief revenue officer.
Donovan has joined Shift, reporting directly to ceo Jawish, with responsibilities that include providing client support and developing the positioning, messaging, and go to market strategies for the company’s solutions. With two decades of insurance industry experience leading fraud investigation and claims operations for Liberty Mutual, and six years working in the insurance technology sector, Donovan has become a respected expert in the field of insurance fraud and claims analytics. Prior to joining Shift, Donovan was most recently assistant vp with Verisk–Insurance Solutions.
To date, Shift has raised over $40m in capital investment and was named by CB Insights as one of the Global AI Top 100 in both 2017 and 2018. The company was also recently awarded the first-place prize in the recent Worldwide Innovation Challenge.
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