RiskGenius

RiskGenius – previously known as ClaimKit – is a startup which uses machine learning to compare, analyse and review insurance policies options for insurance professionals, identifying similarities and potential gaps in coverage in a fraction of the time taken to complete the process manually.

The startup has developed a proprietary, patent-pending machine learning platform that can analyse multiple clauses within insurance contracts and point out gaps and similarities. Its software solutions can also help with the implementation of rules and compliance, and policy creation.

RiskGenius, which began raising investment back in 2014, closed its Series A at the beginning of 2016 with lead investment from tech-focused Flyover Capital. In July 2019 the startup announced the closing of its Series B, led by Hudson Structured Capital Management Ltd.

The Series B financing marked RiskGenius’ entry into a new phase of growth—the company also expanded partnerships with three of the world’s largest insurance carriers, Everest Insurance, FM Global and Liberty Mutual in 2019.

RiskGenius launched a Covid-19 checklist in March 2020, to help commercial insurers understand and analyse their exposure.

In October 2020 Bold Penguin announced it was to acquire RiskGenius for an undisclosed amount. RiskGenius will become part of Bold Penguin's insurance intelligence effort, which leverages data and has a focus on intuitive workflow processing. The two plan to 'combine efforts and identify plans to increase the velocity of features being produced'.