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
Bungii ‘circles the wagons,’ sending its truck drivers to aid Linwood tornado survivors
One of Kansas City’s top startups dropped its tailgates this week to help Kansans ravaged by a violent twister. “The damage and injuries suffered because of the storms were outside of everybody’s control, but how we react and how our community reacts is vital,” said Eric Bolduc, a customer success specialist for Bungii who was…
PayIt gains $25M follow-on investment from early backer Weatherford Capital
A Tampa-based venture capital firm run by three brothers sees investing in Kansas City’s PayIt as part of its long-term strategy. Weatherford Capital first backed PayIt in 2016, through a $4.5 million Series A round led by New York-based Advantage Capital Partners, and followed by Weatherford, Royal Street Ventures, the Missouri Technology Corporation and Five…
Rise Up, Get Started offers second chances with grants to formerly incarcerated entrepreneurs
Kansas City should be home to second chances, hope, and opportunities, said Johnny Waller Jr. “Kansas City has a rich history of uniting behind its citizens for the common good of its people and that’s what this event is,” said Waller, co-founder of Determination, Incorporated, addressing a wide-ranging audience Thursday at the inaugural Rise Up,…
Fountain City Fintech earns EDC’s Cornerstone Award in accelerator’s first year
Fountain City Fintech’s plan was to put Kansas City on the map, Zach Anderson Pettet said. In the process, the community bank-backed accelerator earned attention in its own right, he said. “A big piece of our plan was to give our cohort a chance to dig in and really understand the city — understand the…