The collaboration aims to empower underwriters with data-driven decision-making, focusing on areas where they can maximise competitiveness. Leveraging Federato’s renowned RiskOps optimisation framework, these AI innovations will be seamlessly embedded into the core platform for a gradual and efficient adoption process.
This announcement aligns with the broader trend in the insurance industry, which is undergoing a significant shift towards more advanced AI-powered solutions. The enhanced offering includes features such as portfolio optimization, winnability estimation, appetite assessment, underwriting guideline support, similarity analytics, and custom models.
Federato, dedicated to addressing complex challenges within the insurance sector, positions its RiskOps platform for Property & Casualty (P&C) and Specialty insurance as a solution that aligns portfolio strategy with underwriting action. Providing real-time risk and portfolio insights, the platform equips teams with the necessary information to make informed decisions based on key criteria like appetite, underwriting guidelines, and winnability. Widely adopted across the industry, it caters to multi-billion-dollar insurance carriers and tech-savvy, high-growth Managing General Agents (MGAs).
Known for its advanced AI capabilities and cloud solutions, Google Cloud joins forces with Federato to enhance risk operations and streamline the underwriting process, promoting efficiency and a more data-driven approach in the insurance landscape.
Speaking about the partnership, 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.”
Will Ross, CEO & co-founder of Federato, also commented, saying, “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.”
He added: “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.”
Author: Joanna England
