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
Q&A: Founder Jy Maze on the industry that runs the world (and delivers the toilet paper)
Everything has to ship, said Jy Maze. From the microphone in her hand to the stool where she sat to the shoes on the Maze Freight Solutions founder’s feet, it all comes with mileage and a cost, she said. Her woman-owned, Overland Park-based, third-party freight logistics startup itself was packed in 2017 when Maze decided…
AI smart sensor startup Particle Space earns ‘Top 50 Tech Companies’ distinction
A virtually hardware-free property and building management platform from Particle Space earned the Kansas City-based startup high honors this month at Intercon in Las Vegas. “The future is bright, all buildings will communicate every interworking detail,” said David Biga, founder of Particle Space, which uses artificial intelligence and smart sensors for its residential and commercial…
Got ideas for real-world events? Global Entrepreneurship Week accepting 2019 submissions
A weeklong event elevating the doers, dreamers and makers at the heartbeat of Kansas City small business needs the community’s help, Jenny Miller said. Organizers of Global Entrepreneurship Week — set for Nov. 18-22 in Kansas City — are now accepting event submissions for this year’s celebration, said Miller, network builder at KCSourceLink and chair of…
KCMO advancing its smart city action plan with focus on digital equity in urban tech
Kansas City is one step closer to being a fully connected hub for urban tech, as local decision makers craft a smart city action plan. “That document will be what guides all of our future investments in technology,” explained Chris Hernandez, KCMO communications director. The action plan comes a year after the city issued a…