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
Bipartisan support sends Kansas’ angel tax credits to governor’s desk
After months of lobbying Kansas lawmakers, Kansas City area entrepreneurs are celebrating a legislative victory Monday that will extend a popular tax credit program for five more years. While now awaiting Gov. Sam Brownback’s signature, Kansas Senate Bill 149 will extend the life of the Angel Investor Tax Credits program through 2021. The $6 million…
Mobility Designed to ‘bottle lightning’ from viral video success
The international spotlight is shining bright on Mobility Designed, a Kansas City startup that’s snagged tens-of-millions of viewers interested in their futuristic crutches. Last week, Mobility Designed’s ergonomic crutch was featured in a Tech Insider video that’s now attracted more than 38 million views around the world. That particular video has now been re-edited and…
106-years-young Hallmark is evolving with the collaborative economy
The collaborative economy is everywhere. You may have heard it by another name — like the sharing, on-demand, access, peer, freelance or gig economy. You’ve definitely heard of its national headliners Uber and Airbnb, but it also has a local presence with firms like PopBookings, Farmobile and MachineryLink. Since first showing up on radars eight…
The Collective Funds targets Kansas City startups with $10M
The Collective Funds — a new venture capital group in Kansas City — will be exclusively targeting early-stage firms in the area starting as early as this summer. Led by four Kansas City entrepreneurs, the $10 million fund aims to fill an area funding gap as well as inspire a cultural shift among…