RiskGenius, which us AI technology to automate the underwriting process, has closed a $1m investment from FM Global.
The deal marks the largest investment FM Global has made into a startup to date. FM Global is an American mutual insurance firm, helping businesses to minimise risks and cover various parts of their operations.
Kansas-headquartered RiskGenius leverages AI and machine learning algorithms to help insurers automate their underwriting workflows.
The InsurTech offers GeniusForms which helps an insurer quickly find key clauses, compare policy language or review underwriting submissions. It works by using machine learning to find clauses relevant to circumstances, then it supplies a custom policy for review and clarification of policy language, after this it compares the policy with policy language used by competitors. Finally, the platform uses analytics to identify how policy language changes over time.
RiskGenius is currently in the closed beta testing of a new service, GeniusCheck.
FM Global senior vice president Michael Lebovitz said, “As we look to the future and the evolving landscape of property insurance policy issuance, AI and machine learning offer FM Global great opportunities to enhance our clients’ experience.”
Earlier in the year, FM Global deployed a $250,000 investment into AirWorks Solutions, which designs aerial mapping and surveying technology to help insurers improve their property risk identification and loss prevention.
RiskGenius was named in this year’s InsurTech 100 list, which is comprised of the insurance startups which everyone in the industry should know about.
Fellow InsurTech 100 company, Cytora, has also closed funding this year. The startup raised £25m in a Series B led by EQT Ventures to support growth into new markets.
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