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
ScaleUP! KC wants ambitious startups to top $1M
Looking to surpass $1 million in revenue? The immersive, mentor-led business program ScaleUP! Kansas City has opened up applications for its sixth cohort. “ScaleUP! Kansas City continues to fill a key and vital gap in our entrepreneurial ecosystem,” said Jill Meyer, program director of ScaleUP! KC. “Building a business is hard and lonely work and…
Godfather of content marketing joins the DivvyHQ team
Kansas City-based tech firm DivvyHQ just snagged an industry pioneer in content marketing for its board of directors. The Chief strategist for the Content Marketing Institute, Robert Rose recently joined the DivvyHQ team to lend his years of content marketing expertise. A nationwide speaker and author, Rose has developed content customer experience strategies for such…
Missouri named Hyperloop semifinalist, offering 760 mph alternative to I-70
Missouri is in the running to land a futuristic transportation system that would move people between Kansas City and St. Louis in only 23 minutes. On Wednesday, transportation tech firm Hyperloop One announced 11 semifinalist routes in the U.S. that could receive its system that propels vehicles at speeds of about 760 miles per hour.…
After $8.5M raise, KC-based Pepper eyes IoT dominance
From app-controlled toilets to smart egg trays, the world of IoT is rapidly expanding. In fact, by 2020, it’s expected that more than 24 billion internet-connected devices will be online. And now one well-heeled Kansas City-based IoT startup wants to serve as the hub for those gadgets. After it recently raised a $8.5 million Series…