Johnston, RI (July 15, 2019) \u2013 FM Global, one of the world\u2019s 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.<\/p>\n
\u201cAs 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\u2019 experience,\u201d said Michael Lebovitz, senior vice president, innovation, FM Global.<\/p>\n
The investment in RiskGenius follows on the heels of US$250,000 in funding FM Global recently provided to AirWorks Solutions<\/a>, an aerial mapping and surveying startup that is enabling the insurer to apply their technology to property risk identification and loss prevention.<\/p>\n About FM Global<\/b><\/p>\n Established nearly two centuries ago, FM Global<\/a> 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\u2019s 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.<\/p>\n About RiskGenius<\/b><\/p>\n 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<\/a>.<\/p>\n Source: FM Global<\/i><\/p>\n Johnston, RI (Mar. 13, 2019) \u2013 FM Global, one of the world\u2019s 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.<\/p>\n 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.<\/p>\n \u201cWe believe this forward-thinking technology has great potential to be adapted for property risk management by identifying property hazards from the air that couldn\u2019t otherwise be easily or safely identified,\u201d said Michael Lebovitz, senior vice president, innovation, FM Global. \u201cThis technology could further enhance FM Global\u2019s innovative risk management and engineering solutions and make our clients more resilient to property-related risk. We\u2019re excited about the possibilities and benefits.\u201d<\/p>\n About FM Global<\/b><\/p>\n Established nearly two centuries ago, FM Global<\/a> 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\u2019s 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.<\/p>\n Source: FM Global<\/i><\/p>\n Tags: FM Global<\/a>, InsurTech<\/a>, RiskGenius<\/a>, technology investment<\/a> Read the original article at Insurance-Canada.ca <\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Artificial intelligence meets property insurance Johnston, RI (July 15, 2019) \u2013 FM Global, one of the world\u2019s largest commercial property insurers, has invested US$1 million in RiskGenius, an InsurTech startup company that applies artificial...<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16010"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=16010"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16010\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=16010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=16010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=16010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Backgrounder:<\/h3>\n
FM Global invests in Massachusetts-based startup AirWorks Solutions<\/h2>\n
Aerial technology combined with artificial intelligence to be applied to property risk identification and loss prevention<\/h3>\n