I wanted to find a way to incorporate “Toto, I don’t think we’re in Kansas anymore” in the title, but it eluded me, and then it didn’t fit with the cartoon Einstein reference the firm uses in its marketing anyway. Still, one firm that IS still in Kansas is RiskGenius, an insurance claim documentation firm (a/k/a “insurtech“)that now uses artificial intelligence for policy automation. We are seeing more AI utilization in the insurance sector, and this absolutely makes sense given the sheer raw data that insurers process. Still, it’s unique to find an AI firm based in Kansas, you have to agree.
RiskGenius’ $2.95 million series A extension funding round is worth more than its face value, said CEO Chris Cheatham.
The round was led by QBE Ventures, an Australia-based firm known as being among the world’s top 20 insurance companies. In addition to the funds, QBE North America will be the first division to fully implement the RiskGenius platform. The company is expected to upload about 125,000 policy documents by 2018.
“The large enterprise contract is a huge win,” Cheatham said. “It’s really exciting and it’s frankly leading to a lot of other opportunities as well. In insurance, once you have one large user that’s willing to vouch for you, a lot of other parties can then decide that they want to do something with you, too.”
Founded in 2012, RiskGenius — previously known as ClaimKit — grew from an initial concept focused on improving insurance claim documentation to now an artificial intelligence platform for policy automation.
Although the firm still offers its previous ClaimKit service, Cheatham is focused on expanding the RiskGenius offering, which delivers insights into coverage plans, uses automation to review policies and makes it easier to develop policy language, he said.
“RiskGenius has a bigger market potential,” he said. “ClaimKit solved a niche problem for people, but RiskGenius is focused on a huge, nasty problem that is literally costing people hundreds of millions of dollars, and we are the only people out there solving it.”
Bob James, group head of transformation at QBE, is delighted to bring on Risk Genius as its first, major partnership, he said…”
Full Story at StartlandNews