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
KCultivator Q&A: Bo Nelson percolates on positive energy in his Crossroads coffee shop
Editor’s note: KCultivators is a lighthearted profile series to highlight people who are meaningfully enriching Kansas City’s entrepreneurial ecosystem. The KCultivator Series is sponsored by WeWork Corrigan Station, a modern twist on Kansas City office space.Holding a red, Thou Mayest-branded mug, Bo Nelson credited the success of his 18th Street coffee shop to family talent,…
Scoops and fruit loops: Quirky collaboration melds Crumble candles, Betty Rae’s Ice Cream
Brandon Love hungered for a Kansas City brand as unconventional as his own high-growth aroma confectionery, Crumble Co. He found his match at Betty Rae’s. “I started trying to pick apart [potential partners] to see who would be the best fit,” said Love, Crumble Co.’s founder and “head fruit loop in charge.” “Our way’s really…
Bridge Space opens doors to creativity, collaboration in Lee’s Summit (Photos)
Set against the historic backdrop of the former Lee’s Summit post office, the past and present intentionally collide to create Bridge Space — a 13,000-square-foot coworking space that elevates entrepreneurs in the city’s bustling downtown business district, said Ben Rao. “I’m in the hospitality business. It’s about this experience that people have. We’re not just…
Fountain City FinTech first cohort named; could draw coastal, international companies to KC
A half-dozen companies from outside Kansas City earned spots among the first cohort of Fountain City FinTech, said Zach Pettet, hopeful the metro could attract the firms to stay or build long-term partnerships. “There’s a good chance that a number of firms will be putting down roots and creating jobs in Kansas City. We don’t…