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
Life Equals shoots $2.35M oversubscribed round led by former Anheuser-Busch InBev exec
Well, that didn’t take long. A freshly raised $2.35 million investment round will be a turning point for Life Equals, taking its brand to the national stage, said Kyle FitzGerald, announcing the funding Thursday at Startland’s Startups to Watch in 2019 celebration. Life Equals was selected as No. 7 on the list of Kansas City…
Chain of Trust manages secret passwords after coffee shop meetup, corporate departure
From Starbucks to startup, a swipe right on networking opportunities led two Kansas City, Kansas, men to an adventure in tech entrepreneurship — disrupting the secret management space with the inception of Chain of Trust Technologies, they said. “If you’re going to be an entrepreneur, get people who you can talk to that can give…
Latest Pipeline fellows include familiar KC founders, startups focused on eSports, saving pets, ‘hearables’
Eight Kansas City startup founders have the opportunity to build a lifetime of high-level entrepreneurial support as 2019 Pipeline fellows, said Joni Cobb. The Pipeline network of top-tier Midwest founders announced 13 new fellows last week at the organization’s annual Innovators event, staged this year in Omaha, said Cobb, president and CEO of Pipeline. More…
Crema apprenticeship effort aims to decode a more inclusive talent pool
Crema’s recent growth means more than an additional Crossroads office space for the startup, said Gabby Brotherton. It provides bandwidth for the firm to supplement Kansas City’s tech talent with a new apprenticeship program. “[Crema is] very much a company that values collaboration and innovation learning,” said Brotherton, marketing specialist at the software development firm.…