FM Global invests US$1m in AI startup

FM Global has invested US$1 million in insurtech start-up RiskGenius, which applies artificial intelligence and machine learning to automate underwriting processes. It is the largest investment FM Global has made in a start-up to date.

“As we look to the future and the evolving landscape of property insurance policy issuance, AI and machine learning offer FM Global great opportunities to enhance our clients’ experience,” said Michael Lebovitz, senior vice-president of innovation at FM Global.

The investment in RiskGenius follows the recent announcement of US$250,000 in funding FM Global recently provided to AirWorks Solutions, an aerial mapping and surveying start-up that is enabling the insurer to apply their technology to property risk identification and loss prevention.

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