FM Global invests in InsurTech startup RiskGenius
Artificial intelligence meets property insurance
Johnston, RI (July 15, 2019) – FM Global, one of the world’s largest commercial property insurers, has invested US$1 million in RiskGenius, an InsurTech startup company that applies artificial intelligence (AI) and machine learning to automate underwriting processes. It is the largest investment FM Global has made in a startup to date.
“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,” said Michael Lebovitz, senior vice president, innovation, FM Global.
The investment in RiskGenius follows on the heels of US$250,000 in funding FM Global recently provided to AirWorks Solutions, an aerial mapping and surveying startup that is enabling the insurer to apply their technology to property risk identification and loss prevention.
About FM Global
Established nearly two centuries ago, FM Global is a mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its client-owners. These owners, who share the belief that the majority of property loss is preventable, represent many of the world’s largest organizations, including one of every three Fortune 1000 companies. They work with FM Global to better understand the hazards that can impact their business continuity in order to make cost-effective risk management decisions, combining property loss prevention with insurance protection.
About RiskGenius
RiskGenius is on a mission to help carriers and brokers deliver the right coverage impossibly fast. Launched in 2015, RiskGenius applies machine learning to insurance policies, which enables insurance professionals to dramatically enhance the consistency of coverage they offer clients and deliver it to them faster than ever before possible. For more information, please visit www.riskgenius.com.
Source: FM Global
Backgrounder:
FM Global invests in Massachusetts-based startup AirWorks Solutions
Aerial technology combined with artificial intelligence to be applied to property risk identification and loss prevention
Johnston, RI (Mar. 13, 2019) – FM Global, one of the world’s largest commercial property insurers, has invested US$250,000 in AirWorks Solutions, a Massachusetts, USA-based startup that is developing aerial mapping software for mapping and surveying. FM Global will be partnering with AirWorks to apply their technology to property risk identification and loss prevention.
AirWorks uses aerial data from drones, aircrafts and satellite imagery to create layered sketches of location topography and conditions in near real-time, powered by artificial intelligence. This data can be used to help identify hazards, inform critical decisions and improve the timeliness and spend on construction projects.
“We believe this forward-thinking technology has great potential to be adapted for property risk management by identifying property hazards from the air that couldn’t otherwise be easily or safely identified,” said Michael Lebovitz, senior vice president, innovation, FM Global. “This technology could further enhance FM Global’s innovative risk management and engineering solutions and make our clients more resilient to property-related risk. We’re excited about the possibilities and benefits.”
About FM Global
Established nearly two centuries ago, FM Global is a mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its client-owners. These owners, who share the belief that the majority of property loss is preventable, represent many of the world’s largest organizations, including one of every three Fortune 1000 companies. They work with FM Global to better understand the hazards that can impact their business continuity in order to make cost-effective risk management decisions, combining property loss prevention with insurance protection.
Source: FM Global
Tags: FM Global, InsurTech, RiskGenius, technology investment Read the original article at Insurance-Canada.ca