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
Jolie Justus’ open letter to startups: In many ways, the city has failed you — let’s do better together
[Editor’s note: Startland News invited Kansas City mayoral candidates Jolie Justus and Quinton Lucas to compose open letters to address their potential constituents in KC’s entrepreneur community of startups, makers, creatives and risk-takers. Justus’ response is below. Lucas did not participate. The vote is set for Tuesday, June 18.] I trust this community to see…
Take a peek: Industrious offers glimpse of what new Plaza coworking space could look like
Startup energy will soon take hold on Kansas City’s Country Club Plaza, as Industrious — the nation’s largest coworking space — prepares to set up shop in a 30,000-square-foot chunk of the historic retail and entertainment district, the company announced Thursday. “Kansas City is a dominant market in the Silicon Prairie. As one of the…
Readers asked, city answered: No rainbow crosswalks in KC, but earth tone design submissions welcome
Kansas City decision makers are welcoming advocates of a rainbow crosswalk to walk the line and make their passions known — so long as they’re willing to get creative. “Your article sparked some great conversation within our department too,” Maggie Green, KCMO public works information officer, said in reference to active social media conversations ignited by…
Growing into WallyGro: I knew I couldn’t let leaving Rawxies ruin me, says Callie England
Entrepreneurship is a drug and Callie England couldn’t neglect the euphoric high she felt with each hit. “I wasn’t even thinking and that first year was so painful … yet it was so, just like, glorious … You don’t really remember anything until after the fact, but you’re like, man, that was great,” England, founder…