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
Google, Techstars partner to lower barriers for March 23-25 Startup Weekend
A new partnership with Google will allow Techstars to present this month’s Startup Weekend free of charge to Kansas City participants, said John Coler. “It opens up the opportunity to reduce the barrier for entry for those who either would not usually use their discretionary income or (do not) have the ability to pay for…
Food, IoT, blockchain and AgTech startups join 2018 Sprint Accelerator class
With its fifth cohort of early-stage firms, the Sprint Accelerator scoured the globe for a brood of ag, food and tech startups that aim to leverage area corporate partnerships. The Crossroads Arts District-based accelerator announced on Monday nine new startups that will participate in its 90-day, mentor-driven program. The accelerator pairs startups with wireless carrier…
Rockhurst’s Meet the Makers: Look beyond the cubicle walls
Don’t ignore magical timing within the entrepreneur community, said marketing manager-turned-children’s book author Audrey Masoner. “Kansas City is a place where anything can happen, and you really want to keep your eyes open for connections,” Masoner told a crowd gathered Wednesday for Rockhurst University’s Meet the Makers speaker series. “It’s small enough to be very…
Chef Celina Tio embraces her celebrity brand, welcomes disruptive discomfort
Sitting down to discuss her career a few hours before a Thursday evening rush at The Belfry, celebrity chef and entrepreneur Celina Tio is all business. She’s heard (and answered) every biographical question before. Yet Tio’s eyes gleam and a smile quickly spreads across her face when the conversation turns to her customers at the…