Shift Technology has closed a funding round worth $220 million.

The company is a SaaS provider of AI-driven decision automation and optimisation for the global insurance industry.

The latest funding round, led by Advent International, brings total investment in the French business to $320 million.

The money will be spent on wide-ranging products for the policyholder experience that apply AI and advanced data science to key insurance processes.

“The entire Shift team has worked tirelessly to build this company and provide insurers with the technology solutions they need to empower employees to best be there for their policyholders,” said Jeremy Jawish, chief executive and co-founder, Shift Technology. “We are thrilled to partner with Advent International, given their considerable sector expertise and global reach and are taking another giant step forward with this latest investment.”

Jawish added: “We have only just scratched the surface of what is possible when AI-based decision automation and optimisation is applied to the critical processes that drive the insurance policy lifecycle.”

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