Guidewire Secures Investment in Shift Technology

Published on 03 Nov 2021

Shift Technology, a leader of AI-driven decision automation and optimization solutions for the worldwide insurance sector, announced that Guidewire has extended the company's recent Series D fundraising round. This strategic investment is designed to promote continuous technological innovation and accelerate go-to-market.

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About Guidewire 

An American software firm situated in San Mateo, Guidewire Software, Inc. is a platform that is extremely popular among Property and Casualty (P&C) insurance firms in the US and internationally as well. It was formed in 2001 by Ariba employees Ken Branson, James Kwak, John Raguin, and Marcus Ryu, as well as Kana Software's John Seybold and Mark Shaw.

For the last five years, the firm has been named one of the Bay Area's top 50 mid-sized companies (101 to 500 workers) to work for by, as well as one of the "Top 50 Large Companies" for both 2015 and 2016.

First publicly listed on the New York Stock Exchange in January 2012, Guidewire raised up to $100 million in an initial public offering (IPO) in September 2011. It was subsequently reported that Guidewire was one of the most successful IPOs of the year.

Shift Joins Guidewire 

Shift officially joined the Guidewire PartnerConnect program as a Solution partner in 2019, and the Shift Claims Fraud Detection Add-on for ClaimCenter was released in the Guidewire Marketplace in early 2020. Shift and Guidewire's connection allows insurance professionals to get real-time warnings in their ClaimCenter environment, allowing them to make claims judgments as quickly, correctly, and fairly as possible.

An Overview Of Shift Technology

Shift Technology provides the first AI-native decision automation and optimization solutions designed exclusively for the global insurance business. The Shift Insurance Suite, which addresses various essential procedures across the insurance policy lifecycle, assists insurers in achieving quicker, more accurate claim and policy resolutions. To date, Shift has evaluated billions of insurance transactions and has received Frost & Sullivan's 2020 Global Claims Solutions for Insurance Market Leadership Award.

As per a statement given by Mike Chen, Vice President, Corporate Development and Ventures, Guidewire, Shift is well-known in the market for its fraud detection leadership and pioneering use of artificial intelligence to assist insurance professionals in making the best choices possible across the underwriting and claims processes. Guidewire's investment in Shift is aimed at fueling the innovation engine for the benefit of their joint clients and the insurance sector as a whole.


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