Falkonry

Cohort: Cohort 7, 2021 

Focus in insurance value chain/workflow: Risk Mitigation, Point of Underwriting  

Specific lines of business supported: Corporate 

Founded: 2012 

Status: Operating, not in insurance 

Company type: Data Provider, Data Transformation 

Head office: North America 

Main global offices: USA 

Locations served: Global 

Employee count: 11-100 

Falkonry provides a suite of AI tools to continuously monitor assets and processes within factories, plants and vessels. Through the company’s platform and sensor data from clients, Falkonry identifies anomalies and alerts clients to the earliest sign of any developing issues. 

Primary way aimed to improve insurance processes and tools whilst in the Accelerator: New sources of Risk Insight - Data or Models.  

Prior to their experience in the Lab, Falkonry had had little experience or engagement with the insurance market. Before joining, the team had a developed a thesis about how their data could be used in the underwriting process which they planned to test over the course of the programme. Following discussions and guidance from their mentors, the team began to look at their product from a risk management perspective and how their product could be used by industrial clients, risk management consultancies and captive insurers rather than the traditional insurance carriers.