Federato has announced an exciting partnership with Google Cloud to integrate advanced AI capabilities into its RiskOps underwriting platform.
It is hoped that this move will enable underwriters to make data-driven decisions and focus on opportunities where they are most price competitive by leveraging Federato’s signature RiskOps optimisation framework and embedding these innovations into the core platform for gradual adoption.
The move comes at a time where the insurance industry is shifting dramatically towards more advanced AI-powered solutions. This latest offering will include portfolio optimisation, winnability estimation, appetite assessment, underwriting guideline support, similarity analytics, and custom models.
Federato is committed to solving complex challenges within the insurance industry. Their RiskOps platform for Property & Casualty (P&C) and Specialty insurance aligns portfolio strategy with underwriting action.
It provides real-time risk and portfolio insights, enabling teams to make informed decisions based on key criteria such as appetite, underwriting guidelines, and winnability. The platform is widely used by a broad spectrum of the insurance industry, from multi-billion-dollar insurance carriers to tech-savvy, high-growth Managing General Agents (MGAs).
Google Cloud is known for its advanced AI capabilities and cloud solutions. They have partnered with Federato to enhance risk operations solutions and streamline the underwriting process, making it more efficient and data-driven.
Will Ross, CEO & co-founder of Federato, said, “When people think of AI in insurance, they tend to think of automation or risk scores. What we are hearing from customers is that such offerings are, at best, codifying average underwriting performance and, at worst, oversimplifying underwriting instead of empowering underwriters with solutions they can rely on. We see a real need for AI to be a trusted guide that can elevate thinking and tap into the human creativity and knowledge that helps underwriters out-perform.”
Nigel Walsh, managing director of insurance for Google Cloud, said, “Federato has always stood out in the startup community for solving some of the insurance industry’s most complex challenges. By embedding Google Cloud’s advanced AI capabilities in its risk operations solutions, Federato can help assist insurers in creating a more efficient underwriting process.”
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