Federato - Company Market Research Report
1. Company Overview
Name
Federato
Mission
To transform the $1 trillion+ Property & Casualty and Specialty insurance industry using AI and innovative technologies, making insurance operations more inclusive, efficient, and resilient against emerging risks such as climate change and cyber threats.
Founded
2020
Founders
- William Steenbergen, CTO & Co-Founder
- Will Ross, CEO & Co-Founder
Key People
- William Steenbergen, CTO & Co-Founder
- Will Ross, CEO & Co-Founder
- Megan Bock, Chief Operating Officer
- Dave Frechette, Chief Revenue Officer
- Seth Egliht, VP of Sales
- Page Wiggins, EVP, Business Development
- Tim Collins, VP of Engineering
- Verlyn Fischer, VP of Product
- Lisa Khoury, VP of Marketing
Headquarters
No information is available.
Number of Employees
At least 90 employees (as referenced by their case with HDVI) and extended teams working with several major partners.
Revenue
No information is available.
Known For
Federato is renowned for its RiskOps platform, which integrates AI to transform underwriting processes in the insurance industry. The platform streamlines workflows, reduces system requirements, increases efficiency, and consolidates data, optimizing decision-making in real-time for insurers.
2. Products
RiskOps Platform
High-Level Description
Federato's RiskOps is an AI-driven underwriting platform that revolutionizes the way insurers manage their portfolios by providing real-time insights and actionable data. It turns underwriting into a more predictive science by focusing on portfolio relevancy and efficiency.
Key Features
- Automatic Submission Triage: Streamlines the initial review of submissions, prioritizing those that fit the strategic goals and winnability.
- Real-Time Decision Support: Allows for precise decision-making by evaluating account fit and potential for success.
- Single Pane of Glass: Consolidates various tools and platforms into one efficient interface, reducing the need for multiple systems.
- Efficient Submission Portal: Assists agents and brokers in directly managing submissions without traditional email dependencies.
- Seamless Rating Interface: Enhances underwriting with integrated rating tools, offering seamless connectivity to proprietary systems.
3. Recent Developments
Recent Funding
Federato has successfully raised $80 million in total capital, with a Series C funding round helping accelerate AI innovation in insurance.
New Features and Enhancements
RiskOps platform has undergone enhancements to further reduce the time to quote and improve submission analysis:
- An 89% reduction in average time to quote observed in partnered companies like Velocity Risk.
- Implementation of predictive scoring systems such as the appetite and winnability scores to strategically manage underwriting priorities.
Partnerships
- Collaboration with QBE North America, transforming their underwriting operations toward a digital-first approach.
- Partnership with Redline, leveraging Federato’s platform to secure coverage from Lloyd’s and push into Latin American markets.
- Velocity Risk has integrated Federato to enhance competitive advantages and operating efficiency through better risk assessment and management.
Key Achievements
- Federato has been named to FinTech Global’s InsurTech 100 of 2024.
- QBE North America observed a significant reduction in systems required for underwriting processes, moving from multiple tools to a unified system with Federato’s technology.
- HDVI improved their time to quote from one week to half a day using Federato’s RiskOps platform, showcasing the platform’s ability to manage complex data workflows.
With these advancements and strategic partnerships, Federato continues to establish itself as a leader in transforming insurance underwriting processes through AI and tech-driven solutions.
