Machine learning insurance platform RiskGenius has received an undisclosed investment from QBE Ventures.
Alongside the transaction, QBE has signed a multi-year agreement for the RiskGenius product, with its North American division being the first to implement the product.
Founded in 2015, the company applies machine learning technology on insurance policies to create efficient workflows. The solution offers users the ability to compare policies, streamline reviews of policies and improve custom policy assembly. RiskGenius also provides clients with workflow analytics and ensures everything is fully compliant.
QBE group head of transformation Bob James said, “Initially, we will be using the RiskGenius platform to analyse policy and endorsement language as well as to aid our teams in new product development. We expect the platform to improve our speed-to-market for new products as well as deliver new insights into our policies and streamline the policy review process.”
This investment comes after GBE announced its plan to invest $50m through partnerships with early-stage companies that are developing technology which could work within QBE.
There has been a significant amount of activity in the InsurTech sector this month, after this deal marks the fourth this week. France-based Shift Technology bagged $28m in its Series B, Italy-based YOLO netted €1m in its round, and UAE-based Democrance secured an $800k investment.
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