(Photo credit: Hai Linh Truong.)
QBE Insurance Group Limited (Sydney) has announced that QBE Ventures has closed its first investment into RiskGenius, a machine learning company aiming to help carriers, brokers and regulators analyze policy and endorsement language and aid in product development.
QBE also has entered into a multi-year commercial use agreement for the RiskGenius product. The company reports that QBE North America will be its first division to implement the RiskGenius platform with plans already in place to upload over 125,000 policy documents into RiskGenius in 2018.
“Earlier this year we announced plans to invest US$50 million partnering with early-stage companies that have developed technology that could be put to work within QBE,” comments Bob James, Group Head of Transformation, QBE. “I’m delighted that RiskGenius is the first partnership under this program.”
James reports that QBE North America completed a proof-of-concept of the RiskGenius platform earlier this year and saw highly satisfactory results through leveraging the company’s proprietary machine learning platform to compare policies as part of our product development process. “We also see Risk Genius helping our company’s underwriters best match policy language to meet the needs of our customers and their changing exposures,” James adds. “The RiskGenius product will provide a platform for building better products and better meeting our customers’ needs.
QBE announced that it has signed a multi-year commercial agreement and plans to implement the RiskGenius platform across all its business units in North America during the first half of 2018.
“Initially, we will be using the RiskGenius platform to analyze policy and endorsement language as well as to aid our teams in new product development,” James explains. “We expect the platform to improve our speed-to-market for new products as well as deliver new insights into our policies and streamline the policy review process. Over time the benefits to QBE will only increase as RiskGenius further enhances its proprietary machine learning platform and overall product capabilities.”
Hungry For New Solutions
“The RiskGenius team chose to partner with QBE because we believed in its people and its mission,” comments Chris Cheatham, CEO, RiskGenius. “The QBE people are passionate about insurance and they are hungry for new solutions. I love the fact that QBE has decided to focus on data and analytics when partnering with insurtechs. The two parties are aligned in our vision for RiskGenius to become a utility, a standard, for insurance professionals looking to evaluate insurance policy language. That’s exciting.”