KnowRisk

Cohort: Cohort 12, 2024

Focus in insurance value chain/workflow: Loss Modelling

Specific lines of business supported: Corporate

Founded: 2019

Status: Operating in Insurance

Company type: Data Provider, Administration System

Head office: Las Vegas, Nevada

Other offices : South Africa, US, Senegal, London UK

Locations served: Global

Employee count: 10

KnowRisk is helping insurers with power machine breakdown insurance by providing insights that reduce failures in power assets and improve insurer loss ratios. KnowRisk has commenced its journey to establish a MGA shaped by these insights.

The SAMP Risk (KnowRisk Energy Team) developed two new products during their time in the Lab: the SAMP Risk Platform as a value-added service offering and a Deductible Buy-Down for power generation owners, which will be offered by KnowRisk as a nascent MGA. Their SAMP Risk service is live and running for three policyholders, with a fourth and fifth policy imminent. The KnowRisk team is in the process of securing capacity for the Deductible Buy-Down product, with clients already lined up. The team had more than 150 productive meetings during their 10 weeks and learned a great amount of valuable knowledge about how the market works. They said they progressed their growth by “at least a year” in the 10 weeks they were in the Lab.