2017 Under the Radar: RiskGenius crafts AI tool for insurers
August 29, 2017 | Bobby Burch
Editor’s note: Startland News picked 10 early-stage firms to spotlight for its annual Under the Radar startups list. The following is one of 2017’s companies. To view the full list, click here.
RiskGenius — previously known as ClaimKit — grew from an initial concept to improve insurance claim documentation.
Following careers with surety companies and litigating insurance claims, RiskGenius co-founders Chris Cheatham and Doug Reiser set out to build document management software to tackle the mountains of messy paperwork with collecting, organizing and delivering insurance claims.
Eventually, the firm pivoted in 2015 to focus on policy analysis and incorporated a machine learning tool that’s differentiating it among tech providers for insurance companies. The proprietary tool is named Johannes, which allows RiskGenius clients to tap custom algorithms and workflow tools to better understand policy language and create more efficient underwriting workflows.
The RiskGenius platform provides several automation tools to help the manual reviewing and comparing of insurance policies, which is a time-consuming, error-prone process. A compliance tool helps better connect underwriters with legal teams for approval and approve policy language more efficiently. The platform also features an analytics tool to identify language trends across policies. The data helps to inform insights from policy language and can expedite the underwriting process.
In 2016, RiskGenius raised $2.78 million to accelerate the development of its tech. The company now has 10 full-time staff members.
2017 Startups to Watch
stats here
Related Posts on Startland News
Bitten by Disney sharks, Roy Scott beats the odds with Healthy Hip Hop
When a potentially life-altering business deal suddenly vanished, Roy Scott didn’t get mad — he got funded. “Disney thought they were going to snuff us out, but all they did was put gasoline on this fire,” said Scott, founder of Kansas City-based H3 Enterprises (Healthy Hip Hop). Rewind. Starting his company with a live performance-based…
Governor-in-waiting talks startup funding, Amazon and why entrepreneurism is bigger than KC
The strongest person in the room isn’t necessarily the loudest, Jeff Colyer said. “Kansans are used to being overlooked,” he said. “My role as lieutenant governor was to be a little quieter. You give your best advice. And when decisions are made, you’re going to work to support them.” Soon, however, he’ll be the state’s…
Bus tech startup Transportant announces $11M in pre-sales at Lean Lab pitch night
School districts across North America are on board with Transportant — to the tune of $11 million in pre-sale agreements, co-founder John Styers said. The startup, which uses video-based technology to allow students, parents and school administrators to better monitor school buses, announced the milestone — $10 million over its goal of $1 million in…
Councilman introduces east side investment proposal with $15/hour wage provision
As economic development surges in pockets across Kansas City, residents and businesses on the east side shouldn’t be left behind, Scott Taylor said. “Our clock is ticking as a city on this, and we need to do more,” said Taylor, councilman for the sixth district, at-large. At a press conference Thursday, Taylor introduced a draft…