RiskGenius, an Overland Park, KS-based insurtech platform that utilizes algorithms and artificial intelligence (AI) to organize the world’s insurance policy information for carriers, brokers and commissioner offices, reportedly received $50m strategic investment from QBE Ventures.
QBE Ventures is the corporate venture capital arm of Australian Securities Exchange listed QBE Insurance Group Limited, one of the top 20 global insurance and reinsurance companies with operations in 37 countries.
Following the completion of a proof-of-concept of the RiskGenius Platform earlier this year, which saw great results leveraging the company’s proprietary, machine learning product to compare policies as part of its product development process, QBE North America and RiskGenius have now signed a multi-year commercial use agreement, to implement it across all our business units in North America during the first half of 2018.
QBE North American will be the first division to fully implement the RiskGenius Platform, with plans already in place to upload 125,000 policy documents in 2018. By establishing clause libraries and standardizing common policy language, the platform is expected to improve QBE’s speed-to-market for new products, deliver new insights into new and existing coverages, and streamline the policy review process by introducing intuitive automation.
Led by Chris Cheatham, CEO, RiskGenius uses artificial intelligence (AI) and machine learning to quickly and easily interpret, organize and standardize policy language. Such organization and standardization enables underwriters, brokers, and regulators to understand the trends inherent to complex coverages, create underwriting workflows, streamline processing using customized business rules, and benefit from true policy automation.