Fear of being left behind forces insurers to embrace AI: Flyreel CEO

18-04-2019

Fear of being left behind forces insurers to embrace AI: Flyreel CEO

Cole Winans, CEO of Flyreel

While the insurance industry has traditionally been slow-moving and often late to embrace technology, this has changed in the past two years with most carriers now willing to explore the potential of artificial intelligence (AI) specifically as they bid to stay ahead of the curve.

That is the view of Cole Winans, CEO of Flyreel, a US-based insurtech start-up that is bidding to revolutionise the commercial insurance space with its AI-powered underwriting solution.

The Denver, Colorado-based company recently raised $3.85 million in its latest funding led by Gradient Ventures — Google’s AI-focused venture fund that invests in early stage start-ups. State Auto Insurance Companies and US forensic investigation firm Donan also invested in the venture’s latest round of funding.

The company said it intends to use the proceeds to fulfil customer demand, expand its team, and accelerate the development of its technology, on which patents are pending.


Flyreel, Insurtech, Cole Winans, Artificial intelligence, Funding, Gradient Ventures, Expansion, Insurance, North America,

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