Federato

Federato sells a "RiskOps" platform: a single underwriting workstation that ingests submissions, guides underwriters to the best risks, and rolls those decisions up into portfolio management. It is one of the most visible AI-native entrants attacking the space that Guidewire, Duck Creek, and a long tail of spreadsheets have occupied.

Funding trajectory. Series A of $15M (2022, Emergence Capital), Series B of $25M (2023, Caffeinated Capital), Series C of $40M (2024, StepStone Group), and Series D of $100M (2025, Goldman Sachs Alternatives). Cumulative funding of approximately $180M makes Federato one of the best-capitalised underwriting-workstation insurtechs.

Analyst coverage. Celent has an active VendorMatch listing for the RiskOps platform, a dedicated 2025 insight on Federato Orchestrate (Gen AI in Underwriting and Code Generation), and moderated a 2025 ITC Vegas panel with Federato customers Delos Insurance and LWCC.

Anchor customers. QBE North America is the marquee named carrier, with CUO Mike Foley on record that Federato functions as a unified core across submission → quote → bind → issue. Delos Insurance and LWCC are additional publicly-cited customers via the Celent-moderated ITC Vegas panel. Vendor communications also reference "dozens of carriers and MGAs" not named.

Where it fits in the old → new → AI map. The legacy stack for commercial submission intake is an email inbox, a shared drive, and an Excel rating sheet. The "modern" middle layer is a workflow tool stapled onto a PAS. Federato is the AI-native collapse: intake, triage, decisioning, and portfolio roll-up in one UI. Whether that bundle sticks — or whether it gets unbundled by specialised entrants — is the open strategic question.

Common questions

What does Federato do for an underwriter on a typical day? An underwriter opens Federato to see the incoming submission queue already triaged by appetite fit. They work through each risk inside the same UI — checking data enrichments, running pricing guidance, and recording the decision — without switching between email, a spreadsheet, and a PAS. HDVI, for example, cut its quote turnaround from about a week to half a day after deploying the platform.

How is Federato different from a policy administration system? A PAS records the policy once it is bound and manages the full lifecycle through endorsements and renewal. Federato sits in front of that: it is the workstation where the underwriter decides whether to quote, at what price, and against which portfolio targets. QBE North America uses Federato as a unified layer across submission, quote, bind, and issue — sitting alongside, not replacing, the underlying systems of record.

Which carriers use Federato? Publicly named customers include QBE North America, Delos Insurance, LWCC (Louisiana Workers' Compensation Corporation), Frederick Mutual Insurance Company, HDVI, Velocity Risk Underwriters, Propeller Bonds, MISSION Underwriting Managers, and Hyundai Insurance USA via its MGA partner Hawaiian Hurricane Group. Federato's communications reference "dozens of carriers and MGAs" without naming them all.

Does Federato sit on top of Guidewire or Duck Creek? Federato is positioned as an underwriting workstation that connects to whatever systems a carrier already runs, including Guidewire and Duck Creek. It handles intake, decisioning, and portfolio management in its own UI and passes bound business downstream to the PAS. That integration layer is part of the deployment, not something the carrier builds from scratch.

Who funded Federato, and how much have they raised? Federato has raised approximately $180M across four rounds: Series A ($15M, Emergence Capital, 2022), Series B ($25M, Caffeinated Capital, 2023), Series C ($40M, StepStone Group, 2024), and Series D ($100M, Goldman Sachs Alternatives, 2025). That makes it one of the most heavily funded underwriting-workstation insurtechs in the market.