Magile Software
AI risk quantification and risk transfer solutions for the insurance industry
Overview
Magile Software is an insurtech company building AI-enabled solutions to help enterprises manage the risk associated with their use of artificial intelligence. The company has developed a proprietary algorithm that holistically quantifies AI risk across an enterprise, providing organizations with the data needed to assess, govern, and transfer their AI-related exposures.
Founded in 2011 by Chak Kolli, a veteran insurance technology executive with prior leadership roles at DXC Technology, TCS, AIG, and MetLife, Magile Software bridges deep insurance industry expertise with emerging AI and blockchain technologies. The company positions itself at the intersection of AI governance and insurance, enabling carriers to offer risk transfer products for enterprises adopting AI.
Magile Software's two SaaS platforms — AIRQ.AI for risk quantification and AIAssure.AI for risk transfer — are designed to help enterprises understand, manage, and insure against adverse outcomes from AI deployments in both internal operations and customer-facing products.
Products & Services
AIRQ.AI — AI Risk Quantification
Proprietary algorithm-driven platform that quantifies the AI risk of an enterprise. The platform evaluates AI risk holistically across internal and external use of AI and provides detailed metrics for risk management and governance.
Key Features
- Proprietary AI risk quantification algorithm
- Holistic enterprise AI risk evaluation
- AI risk governance and management tools
Target Users: Enterprise risk managers, insurance underwriters
AIAssure.AI — AI Risk Transfer
SaaS platform enabling insurance carriers to offer enterprises a risk transfer solution for their use of AI. Allows enterprises to insure against potential business and reputational damage from adverse AI events.
Key Features
- Carrier-facing platform for AI insurance product delivery
- Enterprise AI risk transfer and insurance solutions
- Integration with AIRQ.AI risk quantification data
Target Users: Insurance carriers, enterprise buyers seeking AI coverage
At a Glance
- Founded
- 2011
- Headquarters
- Basking Ridge, NJ
- Employees
- 1-10
- Funding
- Bootstrapped
Category & Focus
- Category
- Underwriting & Risk
- Subcategories
- AI risk scoring risk quantification risk transfer enablement
- Insurance Verticals
- P&C Commercial Specialty/E&S
- Target Customers
- Carriers, Enterprises
Customers
- [Unknown]
Similar Companies
-
Relativity6 🤖AI-powered risk data platform for business classification, KYB verification, and commercial underwriting automation. -
RedZoneIntelligent wildfire and natural disaster intelligence for insurance, utilities, and emergency response. -
RRGAXTransforming the future of life insurance through innovation, technology, and strategic partnerships.
-
QuantumergeThe first AI-powered platform for M&A transactional risk insurance -- streamlining R&W underwriting from submission to binding. -
QQuanteeAI-driven insurance pricing software for carriers and MGAs -- acquired by Guidewire in 2025
-
PPrevisicoReal-time, property-level flood forecasting and intelligence for insurers and risk managers
Last updated: 2026-03-25