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
San Francisco FinTech firm bringing 150 new jobs to KC; TrueAccord invests $1.34M
A Silicon Valley startup founded by tech veterans announced today a new 12,000-square-foot shared services operation in Lenexa, pledging 150 new jobs as part of the $1.34 million TrueAccord investment. Selecting the Kansas City metro for the project followed a thorough nationwide search, said Sheila Monroe, chief operating officer of TrueAccord, an automated debt recovery platform…
Young brains rewired by non-stop screen time in classrooms, neurotherapist tells district
[Editor’s note: The following is part of a limited Startland series, exploring parent advocates’ objections to 1:1 technology initiatives, which typically put a tablet device in the hands of each student and are popularly used as classroom innovation models across Kansas City and the nation.] A rise in ADHD diagnosis and increased risk of suicide…
Mother stresses lack of parental consent for school devices amid privacy, development worries
[Editor’s note: The following is part of a limited Startland series, exploring parent advocates’ objections to 1:1 technology initiatives, which typically put a tablet device in the hands of each student and are popularly used as classroom innovation models across Kansas City and the nation.] Digital dangers are lurking in Shawnee Mission classrooms, as schools…
Questioning 1:1 initiatives: Tech devices don’t equal innovation, disillusioned parents argue
[Editor’s note: The following is part of a limited Startland series, exploring parent advocates’ objections to 1:1 technology initiatives, which typically put a tablet device in the hands of each student and are popularly used as classroom innovation models across Kansas City and the nation.] A $20 million investment in tech-forward learning environments for the…