Federato

Federato offers a RiskOps underwriting platform that unifies insurance underwriting and portfolio management for the Property & Casualty (P&C) and Specialty insurance sectors. The platform employs reinforcement learning-based AI to provide insurers with a dynamic, unified view of risk selection data, portfolio strategy, underwriting rules, and goals within the underwriting workflow. It enables insurers to operationalize underutilized data assets such as catastrophe models and cyber security scans to address challenges including climate change, social inflation, and cyber risk. The platform's federated data graph creates a single-pane view of client information and uses AI to recommend next actions to users. Federato's implementation timeline ranges from eight to 12 weeks, significantly faster than traditional insurance enterprise software implementations. Users of the platform have reported a 15 to one reduction in the number of web-based applications and screens needed for risk selection and underwriting. In the first half of 2022, the company experienced substantial growth, increasing its annual recurring revenue by 10x and revenue by 6x. Since September 2022, Federato has tripled its customer base and doubled spending within existing customers. In October 2023, Federato integrated Google Cloud's AI capabilities into its platform to enhance its underwriting solutions.

Key customers and partnerships

Federato's customer base includes large insurance carriers, managing general agents (MGAs), and insurtech companies. Notable customers include QBE North America, Insurate, and Propeller Bonds. In June 2023, Federato formed a strategic partnership with CogniSure AI to enhance underwriting precision and productivity for commercial lines insurers by integrating CogniSure's Submission Insights platform with Federato's RiskOps platform. In October 2023, the company partnered with Google Cloud to embed new AI capabilities into its RiskOps Underwriting Platform.