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
Self-expression, happiness drive expansion of Selfie Boutique playground
What started as a side project four months ago has grown into a huge, interactive exhibit dedicated to cultivating joy, said Alex Altomare, founder of the Selfie Boutique. “The mission is to bring people together and create happiness,” Altomare said. “The growth has been entirely driven by our supporters on all fronts, and we have…
Brewers ferment market opportunity, health benefits with kombucha startups
Fermented foods represent more than just trendy, niche products, Kansas City’s kombucha startups say. They’re where gut health and market opportunity meet. “If it’s not local, it’s not fresh,” said Lisa Bledsoe, emphasizing the quality advantage Kansas City brewers have over national brands competing for cooler space at metro grocery stores. Bledsoe’s Tea-Biotics Kombucha has…
Applicants pour in for a chance at $500K in LaunchKC grants
Editor’s note: This article is sponsored by LaunchKC but was independently produced by Startland News. After dishing out $1.5 million to 29 startups over the last three years, LaunchKC returns in 2018 with more experience and an enduring determination to drive entrepreneurial impact in Kansas City. The area’s most-popular grants contest already has garnered hundreds…
Peek inside: Wild Way coffee rolling Austin flavor onto Kansas City’s bean scene
Christine Clutton is taking the rollout of her Wild Way coffee camper concept one cup at a time, she said. Debuting Friday in Midtown, the mobile shop — serving coffee, tea and pastries with a mix of Austin and local flavors — is envisioned as a temporary stop on Clutton’s entrepreneurial journey, she said. “Our…