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
Q&A: Founder Jy Maze on the industry that runs the world (and delivers the toilet paper)
Everything has to ship, said Jy Maze. From the microphone in her hand to the stool where she sat to the shoes on the Maze Freight Solutions founder’s feet, it all comes with mileage and a cost, she said. Her woman-owned, Overland Park-based, third-party freight logistics startup itself was packed in 2017 when Maze decided…
AI smart sensor startup Particle Space earns ‘Top 50 Tech Companies’ distinction
A virtually hardware-free property and building management platform from Particle Space earned the Kansas City-based startup high honors this month at Intercon in Las Vegas. “The future is bright, all buildings will communicate every interworking detail,” said David Biga, founder of Particle Space, which uses artificial intelligence and smart sensors for its residential and commercial…
Got ideas for real-world events? Global Entrepreneurship Week accepting 2019 submissions
A weeklong event elevating the doers, dreamers and makers at the heartbeat of Kansas City small business needs the community’s help, Jenny Miller said. Organizers of Global Entrepreneurship Week — set for Nov. 18-22 in Kansas City — are now accepting event submissions for this year’s celebration, said Miller, network builder at KCSourceLink and chair of…
KCMO advancing its smart city action plan with focus on digital equity in urban tech
Kansas City is one step closer to being a fully connected hub for urban tech, as local decision makers craft a smart city action plan. “That document will be what guides all of our future investments in technology,” explained Chris Hernandez, KCMO communications director. The action plan comes a year after the city issued a…