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
We Create KC report: Half of top VC-backed companies tapped early-stage support
In 2018, 50 percent of the top venture capital-funded companies in Kansas City got their start with early-stage investment programs that emerged after 2012, according to We Create KC 2019, KCSourceLink’s sixth annual state of entrepreneurship report. “That high percentage shows us how important these early-stage investment programs are to our entrepreneurs and our ecosystem,”…
KCultivator Q&A: Jonathan Bender boils down his talents to curate KC food scene
Editor’s note: KCultivators is a lighthearted profile series to highlight people who are meaningfully enriching Kansas City’s entrepreneurial ecosystem. The KCultivator Series is sponsored by Plexpod, a progressive coworking platform offering next generation workspace for entrepreneurs, startups, and growth-stage companies of all sizes. He’s mastered the art of pairing the perfect cookie with the crispest…
Time to see green: 3 startups spring into Digital Sandbox KC proof-of-concept program
The path from concept to commercialization has three reinvigorated travelers this spring, Jeff Shackelford said Thursday, announcing the latest early-stage entrepreneurs to join Digital Sandbox KC. The program’s newly joined startups include a tech-driven legal solution and two companies using artificial intelligence to innovate their industries, said Shackelford, executive director of Digital Sandbox KC. “As…
Zenernet defying the status quo, taking on industry giants with OP-fueled solar startup
Overland Park-based Zenernet is soaking in renewed interest in solar, powering its push to become an industry player on the national stage, said JP Gerken. “The growth potential [for solar] is endless,” said Gerken, founder of solar power service provider Zenernet. “I think we’ve barely scratched the surface on what the potential is with residential…