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
Predicting sick days: Sickweather showers HR with data on illness mapping, trends
It’s a partnership more than a year in the making, said Graham Dodge, announcing Sickweather’s deal to help a leading employee benefits company predict workers’ sick days. The Kansas City-based startup is piloting a program among the more than 10,000 employees at Unum Group to give managers more data and insights to plan for absenteeism.…
Vintage WiFi mashup: Designer converts old items into bluetooth speakers at Troost T-shirt shop
Rick Kloog’s T-shirt shop on Troost resonates with the sound of side hustles — combining the former music producer’s previously untapped talents for a Vintage WiFi effect. The “funky little vintage store” blends original Kansas City-designed shirts, and miscellaneous items — most of which Kloog converts into bluetooth speakers — as well as other original…
Firebrand Fein: KC needs more audacious startups, ‘crazy ideas’ to attract investors
Kansas City companies need to buck the Midwestern, risk-averse mindset and sell audacious plans to investors, said John Fein. “I would just love to see more crazy ideas, more big game type ideas,” said Fein, founder and managing partner at Firebrand Ventures. “We invest when [the startup] starts to generate revenue, so they have to…
StartupGrowKC bootcamp: Building smart and intentional teams alongside ECJC
Founders can expect to emerge from the Enterprise Center in Johnson County’s StartupGrowKC bootcamp series with greater knowledge of the skills needed to grow their business, said Kathryn Golden. “[Founders will see] the fuller life cycle of what they will need to consider [to be successful],” said Golden, programs manager at ECJC, a nonprofit organization…