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Shift Technology Awarded First Place Prize in the Worldwide Innovation Challenge

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Challenge Sponsored by France's Innovation Commission 2030

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.

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