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
Video: ‘Have you eaten?’ KC Pinoy adds food math to flavorful Filipino fare
Editor’s note: The following content about Chrissy Nucum’s KC Pinoy is sponsored by Mid-Continent Public Library but independently produced by Startland News. KC Pinoy food truck’s last customer of the day was aptly named: Lucky. “We’ve had a good enough day to break a hundred [dollar bill],” owner Chrissy Nucum told the diner at the…
Blue Hills incubator merging with mission-based urban core developer
A catalyst for change within the neighborhoods surrounding Prospect Avenue, the Blue Hills incubator is expected to continue serving entrepreneurs after merging with a leading development group in the urban core. The not-for-profit formed by combining the expertise of Blue Hills Community Services and Swope Community Builders aims to reclaim areas of Kansas City by…
Hungry Sprint Accelerator startups bite into corporate partnerships at Demo Day (Photos)
Winning a mother’s trust is a big deal, said Michael Moran, founder of MoPro, a high-protein, low-sugar Greek yogurt that was among the 2018 Sprint Accelerator cohort’s dairy-centric startups. But what’s perhaps even better than earning Mom’s blessing? Winning financial support from a key backer. Dairy Farmers of America announced a partnership with MoPro Tuesday…
Can KC founders replicate success with WeWork Creator Awards?
After two area founders snagged sizable cash prizes in past contests, a global coworking giant is re-igniting the WeWork Creator Awards competition to recognize entrepreneurs’ work. WeWork plans to dish out at least $238,000 and up to $634,000 in awards to the Eastern United States’ region, which includes Kansas City in this year’s contest parameters. WeWork…