Morgan Stanley invests in Virtual i Technologies

The business activities of Virtual i Technologies have been boosted after the company secured additional investment of 2 million US dollars. According to a LinkedIn post, the Zurich-based InsurTech firm raised gross proceeds of this amount after closing an oversubscribed seed financing round. The fresh capital was provided by individual and corporate investors, while the Morgan Stanley Multicultural Innovation Lab has now become the first institutional investor in the company. Moreover, strategic institutional investors from the USA, Germany, Singapore and Turkey also took part in the financing round.

Founded in 2018, the company offers solutions on the basis of Artificial Intelligence (AI) allowing insurers to asses risks before agreeing terms on insurance policies. With its internally developed and patented Virtual Risk Space platform, Virtual i Technologies is helping the insurance industry by reducing fears related to poor risk selection, further details of which can be found in a press release published on startupticker.ch. In turn, this facilitates a transition from policies rooted in goodwill towards dynamic, data-based decision-making processes. Furthermore, Virtual i Technologies supports insurance firms in their efforts to cut costs by connecting them with risk engineers anywhere in the world, thereby eliminating the need to travel to project sites.

With its AI-based risk selection tool for the property and casualty insurance and reinsurance sectors, Virtual i Technologies has been “growing exponentially” in terms of both footprint and client base across its key markets of the USA, Canada, Europe, MEA and Asia-Pacific. In the current year alone, the company has registered growth of 203 percent in user numbers and 464 percent in the number of inspection cases.

“We are proud and happy to see the visionary partners who see the value of seeing the entire risk data rather than settling for five percent”, comments Veysel Sinan Geylani, founder and CEO of Virtual i Technologies in the press release, before adding: “Because this means the game is now changing for the overall insurance ecosystem” in the direction of a “fact-based ecosystem to the benefit of all users”.