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.
[divide]
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
KC startups graduate K-State accelerator, earning equity-free cash, greater conviction
A trio of Kansas City-built ventures — from sports apparel and mental health solutions for young athletes to tech that uses autonomous drones and 3D vision AI — were among the Kansas businesses earning funding through an eight-week accelerator at Kansas State University. The Center for Entrepreneurship Accelerator program at K-State — which provides participants…
LPOXY initiates $28M Series A financing with 5 Horizons Ventures to fund pivotal trial
PLATTE CITY, Mo. — Funding to secure the upcoming trial of a Missouri biopharmaceutical company’s solution for preventing a deadly gut infection could prove critical in the fight against a condition that claims 80 U.S. lives daily, said Dr. Larry Sutton. LPOXY Therapeutics, which is developing a novel non-antibiotic therapy to prevent Clostridioides difficile infections…
When farmers get paid faster, everyone eats; HitchPin brings fintech to ag, good to humanity, founder says
Startland News’ Startup Road Trip series explores innovative and uncommon ideas finding success in rural America and Midwestern startup hubs outside the Kansas City metro. [divide] The fintech revolution typically overlooks agriculture, Trevor McKeeman said, noting that any move to bring tools — like a payment platform within a digital marketplace — definitely breaks ground…
Chocolate maker (and coffee roaster) earns bean-to-bar accolades from his Grandview base
Kansas City has plenty of confectioners, but it’s rare to find true bean-to-bar work, Mike King said. That distinction makes Encore Coffee and Chocolate’s process both resourceful and extraordinary. “There’s only a few of us that are making our own chocolate,” said King, founder of Grandview-built Encore Coffee and Chocolate. “I consider myself a chocolate…