Riskfuel, which builds AI-powered solutions for valuation and risk sensitivity calculations, has joined the OnRamp Insurance Accelerator.
This accelerator programme, which is in partnership with Allianz Life and Securian Financial, is comprised of five companies. The programme will last three months and claims to offer financing and exposure to global innovative insurance firms.
There were a total of 500 applications for the accelerator.
Based in Canada, Riskfuel leverages AI technology to produce ?ultra-fastversions of the proprietary software that banks and insurance companies use to value and risk manage their portfolios of financial instruments.
Riskfuel CEO Ryan Ferguson said, ?Firms must run these slow computational models hundreds of millions of times per day, so they incur huge compute costs.
?And by accelerating their models a million-fold, Riskfuel saves them tons of money, which they can put towards building new tools or innovating new products.p>
The other companies in the cohort are Rocketdollar, Silver Bills, truelytics and Unscrambl.
Copyright ? 2021 FinTech Global
