AI Fintech Firm Riskfuel Expands into Insurance Space
Riskfuel extends a winning streak by joining elite OnRamp Insurance Accelerator
TORONTO, May 11, 2021 (GLOBE NEWSWIRE) — 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 exclusive program offers startups financing and exposure to global innovative insurance firms.
“We are thrilled to join the OnRamp Accelerator program,” says Ivan Sergienko, Chief Product Officer at Riskfuel. “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.”
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,” explains Riskfuel CEO Ryan Ferguson. “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.”
Over recent months, the Toronto-based Riskfuel has attracted several global industry awards for its technology. Riskfuel was awarded Best Sell-Side Newcomer – Trading, Pricing and Analytics by leading financial market technology information provider WatersTechnology, and Innovator of the Year by the Futures Industry Association (FIA). Additionally, a project with Scotiabank was awarded Technology Innovation of the Year by top capital markets publication Risk.net.
Ferguson sees the expansion into insurance as a natural step for Riskfuel. “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.”
About the OnRamp Insurance Accelerator:
Each year, the OnRamp Insurance Accelerator, with Allianz Life and Securian Financial, invests in five insurtech startups who participate in a three-month, concierge accelerator program in Minneapolis-St. Paul. Each startup receives a cash investment of $100,000, mentorship from teams within Securian Financial and Allianz Life, and access to gener8tor’s global network of mentors and investors.
Learn more at www.OnRampInsurance.com.
About Riskfuel:
Riskfuel builds AI solutions to accelerate valuation and risk sensitivity calculations. Founded in 2019 by capital markets experts, the company provides valuation solutions to banks and insurance companies in North America and Europe with use cases covering XVA, Risk, and Front Office analytics.
For more information about Riskfuel, visit our website or connect with us on LinkedIn.
CONTACT: Contact: Riskfuel Analytics Inc. 140 Yonge Street, Toronto, Ontario M5C 1X6 [email protected]
