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Federato is a technology company focusing on transforming the underwriting process in the insurance industry through its AI-driven platform called RiskOps. The company has recently raised a total of $80 million in funding, aiming to enhance its platform's capacity to manage insurance underwriting for carriers, managing general agents (MGAs), and mutuals.

Federato’s RiskOps Platform:

• Automatic Submission Triage: Using AI, the platform helps insurers identify and prioritize the most promising insurance submissions, streamlining the workflow for underwriters and enabling them to focus on profitable deals.
• Real-Time Decision Support: Federato's platform uses data-driven algorithms to assist underwriters in determining the most winnable submissions by integrating "type 1" data (account size and risk) with "type 2" interaction data (past interactions), enhancing the accuracy of risk assessment.
• Single Pane of Glass: Federato consolidates multiple systems into a unified interface, eliminating the need for underwriters to switch between different systems and reducing operational complexity.

Areas of Impact:

• Efficiency and Speed: The platform significantly reduces time-to-quote by providing a centralized system that combines both internal data and third-party integrations, improving underwriters' ability to assess risks quickly and accurately.
• Rater and Submission Interfaces: Federato includes streamlined interfaces for rating engines and submissions, integrating various tools and data sources to minimize the manual entry and ensure accurate risk evaluation.
• Industry Challenge Mitigation: The platform addresses challenges such as overwhelmed traditional underwriting processes and fragmented workflows across legacy technology, providing a more cohesive and data-centric approach.

Targeted Solutions:

• For Carriers: Federato's platform helps insurance carriers optimize portfolio management and modernize systems to align with business goals, reducing inefficiencies and improving the speed of signing new deals.
• For MGAs and Mutuals: The platform enhances MGAs' and mutuals' ability to attract high-value business and manage data effectively to achieve portfolio objectives. It supports operational efficiency by providing tools that facilitate faster underwriting decisions.

Case Studies and Use Cases:

• Velocity Risk and HDVI: The RiskOps platform has been applied to improve underwriting processes for companies like Velocity Risk, which saw an 89% reduction in time-to-quote, and HDVI, which uses real-time data to enhance underwriting efficiency.
• QBE Partnership: Federato's collaboration with QBE demonstrates its impact on transforming underwriting operations through efficient data management and real-time decision-making capabilities.

Federato aims to empower its clients with cutting-edge AI technologies to provide inclusive and resilient insurance coverage, adapting to societal risks such as climate change and cyber threats. The company's long-term vision is reflected in its continued efforts to innovate and improve underwriting efficiency through its comprehensive RiskOps platform. Additionally, Federato's strategic partnerships and product innovations showcase its commitment to supporting insurers in modernizing their operations.