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
Amid expansion, Tom’s Town redesign inspired by optimism of those thirsty for a better life
Kansas City-distilled Tom’s Town is pouring expansion into the headlines as the company’s spirits quench a national thirst for craft liquor, said Steve Revare. “[Our success] has really exceeded our expectations,” said Revare, founder factotum, describing Tom’s Town’s coming 10-state rollout. “With the quality of our spirits, the packaging, and the rich story behind it…
Women hold key to overcoming innovation gap, talent shortage, says OneKC for Women
OneKC for Women designed its November event for men, said Rania Anderson. “Winning at Work” is a chance for male business owners and entrepreneurs to improve results by changing the way they interact with women in the workplace, she added. “There is an opportunity for business leaders in Kansas City to get some ideas on…
New investor report: Women-led startups more likely to get angel support than VC backing
Angel investors support 10-times more women-led companies than venture capital-backed investors, revealed a first-of-its-kind report by the Kansas City-based Angel Capital Association. “It didn’t shock us,” said Marianne Hudson, executive director of the ACA, the world’s largest cohort of angel investors. Hudson cited previous ACA research that indicated 21 percent of angel investors had been…
KC Bier Co. brewing regional expansion one tap handle at a time, founder says
Rapid growth in the craft brewing market has tapped out, said Steve Holle, founder of KC Bier Co. A solid understanding of the reasons behind such an overdraught industry has so-far saved the Kansas City-based, German-style brewing company from being caught in the same weeds as recently closed Manhattan-brewed competitor, Tallgrass Brewing Co., Holle said.…