QBE’s venture capital arm has closed its first insurtech investment into RiskGenius, a machine learning company helping carriers, brokers and regulators analyse policy and endorsement language and aid in product development.
Bob James, Group Head of Transformation, QBE said: “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. I’m delighted that RiskGenius is the first partnership under this program.”
QBE has entered into a multi-year commercial use agreement for the RiskGenius product. QBE North America will be the first division to implement the RiskGenius platform with plans already in place to upload over 125,000 policy documents into RiskGenius in 2018.
Commenting on the decision to partner with QBE, Chris Cheatham, CEO of RiskGenius, said: “The RiskGenius team chose to partner with QBE because we believed in its people and its mission. 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.”
James added, “Initially, we will be using the RiskGenius platform to analyse policy and endorsement language as well as to aid our teams in new product development. 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.”