Federato Recognized as One of the Most Promising Startups in the Fintech Space
San Francisco, Aug 30, 2023 – Federato, the insurance industry’s first RiskOps underwriting platform, today announced that the company has been named to Insider’s 2023 list of the most promising startups in the Fintech space.
Insider surveyed 34 early-stage investors about the hottest fintechs to watch. The country’s top VCs nominated a mix of startups in their portfolios and those in which they had no financial interest. In total, investors identified 54 up-and-coming fintechs that hadn't raised beyond a Series C. Federato was cited by Bain Capital Ventures for inclusion on the list.
"The insurance industry is awash with data across policy administration data, existing models, and third-party data sources, but the industry struggles with how to appropriately use and integrate it," said Sarah Hinkfuss, a partner at Bain Capital Ventures. "Too often, insurers are reactive to losses rather than proactively optimizing risk across the portfolio. Federato's platform creates a single pane of glass for underwriters to transform risk selection, improving overall profitability and enabling wider product selection.”
“It’s not surprising to see risk as a focus of this year’s list,” said Will Ross, CEO and Co-Founder of Federato. “Emerging risks like climate-related natural catastrophes and cyber attacks have pushed the insurance protection gap to a critical level, leading to more and more losses that are not insured. We partner with our insurance customers to help them make better underwriting decisions and manage their risk portfolio. Lower reinsurance costs mean lower policyholder premiums and more affordable insurance for those members of society who need it most.”
This recognition by Insider follows the company’s announcement in June that it raised $25M in Series B funding, led by Caffeinated Capital, with participation from Emergence Capital and Pear VC. Federato was also recently named to the 2023 CB Insights Insurtech 50 List of the world’s most innovative insurtech startups. CB Insights recognized the company’s RiskOps underwriting platform for innovation in AI and Analytics based on in-depth research and interviews with customers. Over the past year, Federato has tripled its customer base, doubled spend within existing customers, and entered new segments across both commercial and personal lines insurance.
Federato’s industry-first RiskOps platform for P&C and Specialty insurance aligns portfolio strategy with underwriting action. Designed by underwriters for underwriters, Federato surfaces real-time risk and portfolio insights, enabling teams to triage business based on key criteria like appetite, underwriting guidelines, and winnability. The platform is being used today by a broad cross-section of the insurance industry from multi-billion-dollar insurance carriers to tech-savvy, high growth MGAs. Learn more at www.federato.ai.