London, U.K.—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 organisations, 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.