AI fintech firm Riskfuel expands into insurance space
Toronto-based Riskfuel has been selected to take part in gener8tor’s OnRamp Insurance Accelerator in partnership with Allianz Life and Securian Financial. Riskfuel is one of five startups chosen from over 500 applicants to participate in gener8tor’s three-month, concierge accelerator program. The program offers startups financing and exposure to global innovative insurance firms.
“We are thrilled to join the OnRamp Accelerator program. There is no better way for Riskfuel to learn how to tailor our products to serve the insurance industry than by working together with the teams at Securian Financial and Allianz Life.” – Ivan Sergienko, Chief Product Officer at Riskfuel.
Riskfuel employs artificial intelligence techniques to produce ultra-fast versions of the proprietary software that banks and insurance companies use to value and risk manage their portfolios of financial instruments, delivering both new business opportunities and ‘significant’ reductions in operating costs. In collaboration with Microsoft and Scotiabank, Riskfuel’s technology was shown to accelerate production workloads by more than 20 million times.
“Firms must run these slow computational models hundreds of millions of times per day, so they incur huge compute costs. And by accelerating their models a million-fold, Riskfuel saves them tons of money, which they can put towards building new tools or innovating new products. The models used in the insurance industry are very similar to ones we have already had great success in accelerating for capital markets use cases. Additionally, with the looming accounting changes, such as IFRS17, insurance companies are looking for ways to manage their increasing computational requirements.” – Riskfuel CEO Ryan Ferguson.