Virtual i Technologies utilizes data analytics and machine learning algorithms to assess potential liabilities in commercial insurance. The company enables businesses to quantify risks accurately, optimize insurance coverage, and achieve cost reductions while enhancing financial security.
Funding
$10.9M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Commercial insurers and risk engineers face challenges in gaining comprehensive visibility into risks, often lacking access to interior property data and relying on expensive, slow, and subjective inspection processes. This limited insight hinders accurate risk assessment, increases loss ratios, and strains resources due to manual, time-consuming reporting.
Solution
Virtual i Technologies offers [VRS]™ Virtual Risk Space, an AI-driven platform that enables fast, simple, and data-driven risk inspection and claims handling for insurance underwriting and risk management. The platform provides 100% risk visibility through real-time data gathering, including visual, audio, and alphanumeric property data. By codifying risk engineering expertise and key attributes from international standards into a scientific scoring mechanism, [VRS]™ delivers reliable risk assessments and automated, instantaneous risk reporting, reducing costs, maximizing efficiency, and increasing profitability. The platform also facilitates remote inspections via live video streaming and customizable survey forms, connecting insurers with a global network of risk engineers and loss adjusters.
Target Audience
The primary target audience includes commercial insurers, reinsurers, insurance brokers, and risk engineers seeking to improve risk assessment accuracy, reduce inspection costs, and enhance workload efficiency.
Features
- AI-backed risk scoring system that codifies decades of risk engineering experience and key attributes from international standards
- Customizable survey forms tailored to various property occupancies and unique risk exposures
- Real-time data gathering through live video streaming, photos, videos, audio recordings, and GPS
- Instant risk report generation in Word document format
- Flexible assignment of surveys to risk engineers based on location and expertise
- No app download required, accessible via desktop and mobile browsers
- GDPR compliance with data hosted on Google's European servers
- Copy previous survey data for incredibly fast follow-up surveys and risk recommendation updates