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Bitesize Insurtech: RiskGenius

RiskGenius

RiskGenius automates the creation, comparison and review of policy documentation for brokers and insurers.

The software uses Artificial Intelligence to ‘read’ the policy, categorise each clause by type (e.g. fire, liability) and then store each clause in computer-searchable form. Users can then interrogate the data, for example: ‘show me all the war exclusion clauses in this policy’ or ‘how do these two policies differ in value of contents covered?’

RiskGenius software has several tools including:

  • Comparison: Side by side comparison of polices and clauses;
  • Manuscripting: A policy creation tool allowing users to drag and drop clauses from a library of pre-approved clauses: and
  • Analytics: A tool to analyse all policy documents, for example language trends over time.
  • Compliance: a tool for reviewing and approving proposed policy language across other teams e.g. legal and compliance

The company was set up in 2012 as ‘ClaimKit’ – a claims document automation business. In 2014 a client asked if the tool could be used for policy documentation. The rest, as they say, is history.

Chris Cheatham, CEO, is excited about the future: “To date we have processed over 13,000 policies and 750,000 clauses. In 2017 we are focused on new functionality. I am particularly excited about our Analytics module, which will give users a macro view of a policy library, for example, ‘how many policies don’t have a war exclusion’?”

The Oxbow Partners view

It is easy to get punchdrunk on the InsurTech hype (see our recent infographic on InsurTech hype vs. impact) – particularly the threat of disruption from an external influence. What we like about RiskGenius is they are using an InsurTech solution to help agents, brokers and insurers solve real problems they face today, namely paper and Microsoft Word based policy management.

There is a long-term risk. What happens when policies are created in computer readable form from the outset? You would expect this role to be taken by the policy admin systems (PAS). If so this puts into question RiskGenius’ position in the market. Chris Cheatham again: “We are aiming to be that tool. We believe most policy admin systems focus on forms and endorsements. So we are well positioned to take clauses and historical user analysis to form computer-generated policies in the future.”

Luckily, whatever the future holds, this is likely to be a few years away yet.

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Greg Brown

Partner at Oxbow Partners
Greg Brown is a partner at Oxbow Partners and leads on technology and operations projects. Greg has helped many clients design and implement operating models and insurance technology ecosystems. Reach him at gbrown@oxbowpartners.co.uk.

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