SaaS startups have become the darling of Venture Capital investors, especially in the Risk Management industry. Over the past decade, software has proverbially “eaten the world” and SaaS companies have scaled to become unicorn corporations in staggering amounts of time.
In this article, we are examining 11 VC funded SaaS startups in the Risk Management industry.
With the aid of Citibeats, a social data platform, international organizations, governments, and private businesses may better comprehend how society is changing on a large scale and in real time, enabling them to make the best decisions possible. No matter the language, data source, or text structure, it is an Artificial Intelligence platform with unique Natural Language Processing technology and Machine Learning algorithms that enables the analysis of huge data on human behavior and transforms it into actionable insights. This makes it feasible to obtain precise evaluations of how specific issues, policies, or current events are impacting a society's members in real-time as well as their perceptions of such issues, policies, or current events. The results, which assist firms in managing developing risks and spotting early warnings on crucial issues, can be supplied up to 90 days sooner than traditional means, such as media, polls, or surveys. The first accessible tools to identify patterns from millions of voices in real time, the Sustainability and Societal Risk Monitors were introduced in 2022, allowing users to recognize and analyze social developments. The new subscription-based strategy was created to assist organizations throughout the world quickly and simply comprehend individuals' queries, desires, and worries regarding issues like citizen security, jobs and entrepreneurship, biodiversity, and sustainable cities. We have developed and scaled unique NLP & ML-based technology that enables the enhanced analysis of unstructured data on human behavior in just two years. We are able to give the greatest social data platform on the market in a greatly scalable manner because to this technology. Prestigious accolades given to Citibeats include: - The United Nations World Summit Awards; - The COGx for the finest use of AI in public services; - The NTT Open Innovation competition (that gave us the opportunity to work and develop a project with NTT Data) One of the first four IT businesses to use the fAIr LAC self-assessment tool was Citibeast in 2021. Through the best-in-class partners, we are expanding in Europe, LATAM, and Japan, presenting Citibeats as the moral AI created for inclusive, respectful, and responsive social understanding.
For P&C insurers, Friss is a provider of analytics software for compliance, risk, and fraud. For non-life insurance firms across the world, Friss is completely committed to fraud, risk, and compliance. FRISS assists insurers in growing their lucrative portfolios and enhancing consumer impression of them as dependable providers of insurance. By recognizing high risks and fraud at quote, underwriting, and claim processing across all private and commercial lines, FRISS, a ready-to-use business solution, lowers insurers' loss ratios. Since the FRISS® Score identifies the risk associated with each quotation, policy, or claim, it helps people make smarter decisions. With more than 150 installations in more than 30 countries, FRISS dominates the worldwide market. A comprehensive solution for fraud, risk, and compliance is provided by FRISS (www.friss.com). Risk evaluation during underwriting Automated real-time risk identification and evaluation during the underwriting process to produce profitable portfolio expansion. Having a comprehensive understanding of prospects before to letting them into your portfolio is crucial for preventing fraud and evaluating risks. It has been demonstrated that the FRISS underwriting solution's intelligent and consistent risk estimate considerably raises the combined ratio. Preventing and spotting fraud in claims The widespread consensus is that 10% or so of all insurance claims on average include some form of fraud. We all pay more for our insurance policies in order to pay for these fraudulent claims. There are three crucial factors: - How can fraud be accurately and effectively detected? - How may unscrupulous clients be quickly identified? How do you approach this in your day-to-day operations? By improving the likelihood of identifying fraud and minimizing false positives, you may lower your loss ratio. To determine the risks associated with a claim with accuracy and objectivity, use automated fraud detection during the claims process. It enhances straight through processing (STP), and claims that require more attention are immediately identified. ☆ Become and keep compliant All insurance procedures are subject to compliance. Become and remain compliant with the most recent laws and rules. Knowing and vetting your consumers will help you avoid costly penalties and brand harm. Obtain knowledge about the Ultimate Beneficial Owners (UBOs). Your underwriting procedure will be of higher caliber as a result. Additionally, few administrative costs will be imposed. Gartner acknowledged FRISS as the market leader in Europe in 2014, and the company is working to take the lead globally.
A compliance program is intelligently managed by Hyperproof, a cloud-based compliance operations software that automatically gathers evidence. It acts as a repository for an organization's compliance data and equips teams responsible for compliance with the resources they need to work with internal and external stakeholders. With this cutting-edge strategy, it enables firms to achieve their greatest goals and show that they are dedicated to safeguarding their clients, shareholders, partners, and suppliers in addition to the larger community. In addition to reducing administrative labor associated with compliance procedures, the software also assists firms in continuously reducing their risks, which is crucial at a time when both the regulatory and economic landscapes are unpredictable and cybersecurity risk is on the rise. Craig Unger started HyperProof in 2018, and it has its corporate headquarters in Bellevue, Washington.
LogicGate provides enterprises with cutting-edge risk management technology that enables proactive enterprise-wide risk transformation. We developed the Risk Cloud Platform®, the most agile and collaborative GRC solution available, since risk is a team sport. quickly adjust to shifting business circumstances. Develop new procedures with confidence as you go. Work together with your entire organization on risk. You can't obtain an integrated perspective of risk across the whole enterprise from point solutions, but Risk Cloud® does.
Nethone is a machine learning-based fraud protection SaaS firm that enables financial institutions and online retailers to thoroughly understand their end consumers, a practice known in the business as "Know Your Users (KYU)". Nethone is able to identify and stop payment fraud and account takeovers with unparalleled efficacy because to its patented online user profiling and ML technologies. Each user's knowledge is enhanced by the Nethone proprietary Profiler's more than 5000 characteristics, which are converted into suggestions in real-time by a decision engine. Nethone may reduce customers' rejection rates, expenses associated with human review, and risk of fraud while maintaining a focus on the uniqueness of the client's business—automatically and in real-time. Daftcode, a venture builder located in Poland, was founded in 2016 by a group of security professionals, financial industry leaders, and data scientists. The company now effectively collaborates with more than 50 international e-commerce, digital products, and financial businesses. Nethone was recognized as the fastest-growing business in Poland in the "Deloitte Technology Fast 50 Central Europe" in 2021.
In order to meet the difficult difficulties in the identity and secrets management arena, Ntrinsec offers cloud automation tools. The company's platform is intended to eliminate key compromise, which is increasingly a major factor in organizational data breaches.
Organizations can now eliminate vulnerabilities much more quickly and with better risk management thanks to Nucleus Security, a program that automates vulnerability analysis, prioritization, and response. The business is headquartered in Sarasota, Florida, and was established in 2018.
Risika is a financial technology company founded in 2017 with a vision to challenge the long-lasting status quo in the financial risk management industry. Today, the CFO needs to be in the driver’s seat when it comes to translating internal and external data into solid decision-making using secure algorithms. Our team of experts within the fields of financial auditing, data science and computer science will make sure all solutions are customisable, automated and 100% reliable
VComply is an agile cloud (software as a service) GRC platform with capabilities to manage GRC in an easy-to-use and intuitive environment that delivers business value, brings a contextual understanding of GRC to enable an organization to reliably achieve objectives while addressing uncertainty and acting with integrity. VComply was founded in 2019 with a focus to deliver a SaaS Cloud GRC solution that is highly configurable and adaptable to a range of industries with a particular focus in the mid-market. VComply enables organizations with out-of-the-box GRC applications that possess the ability to configure them to the exact needs of an organization with zero coding and zero infrastructure. Our cloud platform for GRC enables organizations to strengthen risk and compliance management. Organizations across industry verticals benefit from VComply’s simple and modular approach to GRC that transforms GRC management in an increasingly mobile, social, global, and virtual business environment. VComply is an innovative, intuitive platform that modernizes how people work and interact with GRC processes across the enterprise. It is used to collect, organize, link, report, and analyze GRC data with increased control, collaboration, transparency, and accountability.
For the contemporary organization, VISO Trust offers SaaS-based third-party cyber risk management. Decision-makers who must conduct accurate risk assessments now have access to trustworthy, thorough, and actionable vendor security information thanks to VISO Trust.
Whistic offers consumers a single platform from which to perform and respond to vendor security evaluations. Prospective clients, consumers, and business partners are increasingly questioning the information security and compliance practices of software suppliers and other businesses that handle or keep sensitive data. By automating and expediting security evaluations, Whistic lowers friction by empowering sales teams to standardize their answers to security questionnaires, allowing InfoSec and compliance teams to more effectively assess the security and compliance posture of a specific firm.