American Monetary Group (AFG) lately acquired Verikai Inc., a machine studying and synthetic intelligence firm that makes use of a predictive threat instrument for assessing insurance coverage threat.
AFG stated it paid roughly $120 million in money at closing.
California-based Verikai will proceed to be led by President and CEO Jeff Chen.
Verikai, based in 2018, leverages various knowledge and machine studying, focusing totally on underwriting effectivity by offering insurance coverage corporations with threat studies to optimize the underwriting course of.
AFG CEO Carl H. Lindner III stated in an organization press launch that the corporate believes synthetic intelligence and machine studying will proceed to have a big influence on the insurance coverage business sooner or later, and the corporate sees Verikai as “a considerate and efficient chief in the usage of these applied sciences.”
He stated Ohio-based AFG has had success with a number of strategic insurtech relationships. “Though we don’t typically make investments immediately in insurtech entities, we discovered Verikai to be an excellent alternative,” he added.
Verikai will proceed to function as a standalone firm to serve its insurance coverage purchasers.
Nice American Insurance coverage Group, by means of which AFG operates, may also profit from Verikai’s predictive threat instrument and Market platform because it enters the medical cease loss enterprise, with a main give attention to small and underserved dangers, the corporate stated.
Supply: American Monetary Group
Was this text precious?
Listed below are extra articles chances are you’ll get pleasure from.
Fascinated about Ai?
Get computerized alerts for this matter.