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
Startup Hustle podcast duo pledging $50K in Full Scale tech resources at Pure Pitch Rally
Early stage businesses need more than cash — they need the tools to grow, said the hosts of the KC-based Startup Hustle podcast. “Good ideas in startups move faster when they’re supported by successful business people in the community,” said podcast co-host Matt DeCoursey, announcing the plan late Wednesday to award $50,000 in tech resources,…
ProjectUK introducing specialty accelerator’s latest cohort Oct. 10 at Travois
Project United Knowledge is the only Kansas City accelerator that truly fosters collaboration between entrepreneurs and those in the industry establishment, said Quest Moffat. “It’s the biggest and most dramatic reason that we’re different from other accelerators in the Midwest region,” said Moffat, ProjectUK founder. “Co-building is where the corporation and the people that run…
New Wichita and San Antonio locations tickle Chicken N Pickle itch for expansion
North Kansas City’s Chicken N Pickle is picking up speed faster than a pickleball soaring across one of the business’ popular courts, said Laurie Morrissey. Hatched within eyesight of the downtown Kansas City skyline, the entertainment venue is making a game-changing serve with its fast-casual approach to community recreation and the evolution of America’s fastest…
Growth Acceleration Services focuses on team building process to advance startups
Building a quality team is the most important step to accelerating a startup, Doug Burris said. But hiring the right talent is often where founders make their biggest — and most expensive — mistakes, added Burris, president of Growth Acceleration Services. “We have seen firsthand the struggles founders manage as they attempt to push the…