Insurtech startup FutureProof Technologies has launched FutureProof Insurance Agency, its fully-owned subsidiary aimed at enhancing insurance distribution with AI-based risk selection.
This move follows the FutureProof launch of AI-enabled property managing general agent (MGA) in 2024.
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FutureProof Insurance Agency will sell insurance policies, representing multiple carrier partners across the US by leveraging the parent company’s risk management technology.
While FutureProof’s MGA employs AI to assess and price risk in catastrophe-prone areas, the agency applies these tools to create profitable portfolios for its partners.
The implementation of an additional risk filter is intended to assist in the generation of profitable portfolios for carrier partners.
Alongside, FutureProof has also initiated a lead generation and distribution operation to boost the production of profitable business.
FutureProof co-founder and co-CEO Alisa Valderrama said: “With our proprietary technology, FutureProof can provide an additional risk filter for our carrier partners, which is a unique offering.”
FutureProof chief business officer Farhan Husain said: “FutureProof addresses a massive issue for carriers, which is why within a matter of several months we have been appointed by dozens of carriers, including some of the biggest consumer-facing brand names in the country.”
The company stated it will continue to leverage AI in the insurance sector to improve underwriting, pricing, and policy distribution.
FutureProof’s AI technology is engineered to price asset-specific features that can substantially mitigate risk.
