RiskGenius announces Series B, partnerships with trio of world’s largest insurance carriers
July 15, 2019 | Startland News Staff
Customers are pushing for the growth of RiskGenius, a top Kansas City startup providing software-based natural language processing tools for improved quality and accuracy in the insurance industry, said CEO Chris Cheatham.
RiskGenius announced Monday an undisclosed Series B round led by Hudson Structured Capital Management Ltd., doing business as HSCM Bermuda. The financing round also included participation from RiskGenius’ existing investors as well as new players from Hearst Ventures and FM Global.
RiskGenius is on a mission to help carriers and brokers deliver the right coverage impossibly fast. Launched in 2015, RiskGenius applies machine learning to insurance policies, which enables insurance professionals to dramatically enhance the consistency of coverage they offer clients and deliver it to them faster than ever before possible.
Click here to read why RiskGenius was named one of Startland’s Kansas City Startups to Watch in 2019.
“We are excited to partner with RiskGenius and help the company deliver on its value proposition of improving coverage accuracy and increasing underwriting efficiency for insurance clients,” said Andrew Sagon, HSCM Bermuda vice president. “We believe the company is uniquely positioned to drive standardization of insurance policy language across the industry.”
Click here to read more about RiskGenius’ Series A round, led by QBE Ventures in 2017.
It’s a new phase of growth for the Overland Park-based company, noted Cheatham, also announcing expanded partnerships with mega insurance carriers FM Global, Liberty Mutual, and Everest Insurance. (The latter of which referred RiskGenius to HSCM Bermuda, he said, calling the Everest innovation team “among the most forward-thinking innovators in the industry.”)
“FM Global also inquired about investment opportunities after testing our software,” Cheatham said. “Just like our previous round with QBE Insurance, our growth and investment opportunities are being created by our insurance customers.”
Proceeds from the round are expected to allow RiskGenius to continue improving its software platform for commercial insurance carriers and brokers while initiating outbound marketing and sales to introduce new clients to its unique value proposition, Cheatham said.
RiskGenius’ newest client, Liberty Mutual, will be initially utilizing the company’s software to enable data collection and analytics across hundreds of commercial insurance policies, he added.
The company — one of Startland’s Kansas City Startups to Watch in 2019 — also announced Monday the appointment of Sean Mollet as chief technology officer.
Mollet has a history of successfully leading software development organizations, said Cheatham. Most recently, Mollet served as head of software at APR, an automotive performance company, which was acquired by Driven Performance Brands in 2017.
He will lead the RiskGenius software and data science teams, which are expected to double in size by the end of the year.
“As a software-based business, Sean’s role as chief technology officer is critical to our success,” said Cheatham. “We are excited to welcome him to the RiskGenius team and expect that his prior experience in enterprise architecture and building world-beating hardware and software teams for multiple successful technology companies will play a crucial role in the continued growth and expansion of RiskGenius.”
RiskGenius’ previous Series A round with QBE Ventures saw the investment arm of client QBE Insurance help deploy RiskGenius across North America. The company is now evaluating expansion opportunities in Europe, Cheatham said.
RiskGenius
Featured Business
2019 Startups to Watch
stats here
Related Posts on Startland News
Cerner ‘call for innovation’ hopes to bring brand to life alongside KC startups
One of Kansas City’s largest employers is looking for help from the smaller firms in its backyard. Health IT giant Cerner Corp. is looking to collaborate with startups and entrepreneurs to feature their innovative custom furniture, properties or experiential design elements for a coming conference. If selected, each startup’s work would be featured in front…
Heartshaped Clothing: A love story fashioned into a Dad-hat
Corey Reed’s wife opened his heart to true love, he said. Love of God, community, creativity and family. The revelation didn’t just inspire Reed’s Heartshaped Clothing line, it allowed him to recognize and appreciate the gifts and sacrifices of his faith and those around him, like his parents, who adopted him at birth, he said.…
Kritiq fashion show MADE for Kansas City designers
Designers don’t need to go to the east or west coasts to pursue their dreams, Mark Launiu said. “There’s so much passion and grind here in Kansas City. And a lot of people on the outside don’t know that,” said Launiu, co-founder at MADE Urban Apparel. “We’re always overlooked because they think of just our…
Random origins, but no fluke: MADE grinds to grand expansion
The MADE Mobb is getting used to risk taking. “We know what it’s like to walk into something blind,” laughed Mark Launiu, co-founder at MADE Urban Apparel. Launiu, along with co-founders Vu Radley and Jonathan “JP” Platz, launched MADE in 2012 with the streetwear apparel line selling in just a few pop-up shops. Early partnerships…