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
Swappa re-homes millions worth of smartphones
About 90 million Americans say they swap out their smartphone every two years, according to a 2015 Gallup study. That means every day about 123,000 used smartphones either find a new owner or a dark home in a drawer, frittering away their value. But one Kansas City startup is already helping thousands of used-smartphone owners…
Amazon’s delivery backlash and 800 robots descend on St. Louis
In this week’s roundup of watercooler talk from the region’s startup hubs, we have the dish on Amazon’s digital divide backpedaling, St. Louis’ international robotics competition and Denver’s vibrant city culture. Check out more in this series here.a ChicagoInno: Amid controversy, Amazon is finally bringing same-day delivery to the South Side And the backpedaling continues.…
How Pipeline CEO Joni Cobb revitalized her waning democratic optimism
Editor’s note: The opinions expressed in this commentary are the author’s alone. E=R. Have you seen this sticker on cars over the years? It’s the Ewing Marion Kauffman Foundation’s campaign during the Great Recession, meaning “Entrepreneurship = Recovery.” It was really a time of “push” for our political structure — and our communities in…
Kansas City streetcar kickoff syncs with Smart City launch
It’s poised to be a momentous week for Kansas City infrastructure. In addition to the Friday launch of the much-anticipated Kansas City streetcar line, the City of Fountains has officially kicked off operations of its smart city framework. The $15.7 million public-private project aims to transform Kansas City’s downtown into a living lab of Wi-Fi…