October 3, 2018
We asked Chris Cheatham, CEO of insurtech firm RiskGenius, to take us through how they used AI to introduce efficiencies into the insurance value chain, as well as how his firm engendered partnerships with incumbents.
RiskGenius uses artificial intelligence to allow brokers to better understand policy language and create more efficient underwriting workflows. Can you provide a brief case study on how RiskGenius’ technology aided the broker and ultimately created a better end experience for the client?
I was reviewing an example this morning. Imagine you have an insurance policy from Carrier A and a proposal (or quote) from the same carrier. Often times (too often) there are discrepancies between what was quoted, what gets negotiated and what ends up in the final policy (most carriers have this issue). With our GeniusCheck software, I was able to identify that a form that was included in the proposal never made it to the bound policy. Identifying these types of errors can reduce errors and omissions exposure.