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
Scarcity of women, parents in startups offers research opportunity
It’s no secret that — like any business — an entrepreneurial ecosystem is disadvantaged without a diverse set of players. But hurdles such as late night meetings and male-dominated culture at startups create barriers to entry for two specific groups: women and parents. That’s why researchers at the Ewing Marion Kauffman Foundation are taking another…
KC, Chattanooga tap into gigabit speeds for film contest
Ready your cameras, Kansas City. You’re serving as lead videographer in a community film contest that engages creative types and leverages the area’s high-speed, gigabit Internet. Kansas City has partnered with the City of Chattanooga, Tenn., for the “Capture: A Community Filmmaking Project,” a 48-hour project calling on citizens and film professionals to create short,…
Digital Sandbox welcomes six new startups
Digital Sandbox KC recently accepted six area companies into its incubator program that assists businesses with specific projects. The organization, whose mission is to develop businesses and help them secure additional funding, welcomed companies ranging from food service and technology to education and health. Digital Sandbox invests up to $25,000 in its program’s companies. “The…