Federato Integrates Google Cloud’s AI Capabilities to Deliver ‘Get Beyond Risk Score’ AI Underwriting Solutions
New Capabilities Build Trust and Give Property & Casualty Insurers
Flexibility in Their AI Journey
Federato announced that it has teamed up with Google Cloud to embed several new AI capabilities into its RiskOps Underwriting Platform. These offerings build on the success of Federato’s signature RiskOps optimization framework and are being incorporated into the core platform for all customers’ gradual adoption as the company expands its leadership position in AI.
“When people think of AI in insurance, they tend to think of automation or risk scores,” said Will Ross, CEO & Co-founder of Federato. “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.”
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The new collaborative offerings will be on display for the first time at InsurTech Connect in Las Vegas, Oct 31 – Nov 2nd. Federato will also be making these enhancements to the core RiskOps Underwriting Platform available through ‘click-to-deploy’ on Google Cloud Marketplace.
“Federato has always stood out in the startup community for solving some of the insurance industry’s most complex challenges,” said Nigel Walsh, Managing Director of Insurance for Google Cloud. “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.”
Among the AI capabilities now available on the RiskOps Underwriting Platform are:
Portfolio Optimization – Ranks thousands of risks relative to the portfolio using a businesses’ existing rate, retention, accumulation, and new business goals and guidelines.
Winnability Estimation – Dynamically analyzes winnability based on hundreds of market data points to help underwriters concentrate on opportunities where they are most price competitive.
Appetite Assessment – Combines rules and client-proprietary algorithms to assess appetite, referral requirements, and instantly enable auto-declination or straight through processing.
Underwriting Guideline Support – Scans hundreds of pages of guidelines in the context of an account and isolates the questions an underwriter should ask from the ones they could ask.
Similarity Analytics – Clusters thousands of accounts based on dozens of similar characteristics to enable underwriters to review and learn from their peers’ analysis of similar risks.
Custom Models – Allows customers to train, host, deploy, or connect to proprietary models ranging from natural catastrophe to telematics entirely within the RiskOps environment.
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