Insurance Industry Buys into RiskGenius Yet Again
Bill Sinn | July 16, 2019
RiskGenius, a company which provides software-based natural language processing (NLP) tools for improving the quality and accuracy of insurance policies, today announced it has completed a Series B financing led by Hudson Structured Capital Management Ltd., doing business as HSCM Bermuda. The financing marks RiskGenius’ entry into a new phase of growth—the company has also expanded partnerships with three of the world’s largest insurance carriers, Everest Insurance, FM Global and Liberty Mutual, and has appointed Sean Mollet to the position of chief technology officer.
The financing round, which originated from a customer referral, also included participation from RiskGenius’ existing investors, as well as new investors, Hearst Ventures and FM Global.
“eIQ™ - the dedicated Everest Insurance® innovation team, is among the most forward-thinking innovators in the industry,” said RiskGenius CEO Chris Cheatham. “We appreciate their referral to HSCM Bermuda, as well as their continued collaboration in testing and enhancing our software. FM Global also inquired about investment opportunities after testing our software. Just like our previous round with QBE Insurance, our growth and investment opportunities are being created by our insurance customers.”
Proceeds from the round will allow RiskGenius to continue improving its software platform for commercial insurance carriers and brokers while initiating outbound marketing and sales to introduce new clients to its unique value proposition. RiskGenius’ newest client, Liberty Mutual, will be initially utilizing the company’s software to enable data collection and analytics across hundreds of commercial insurance policies.
“We are excited to partner with RiskGenius and help the company deliver on its value proposition of improving coverage accuracy and increasing underwriting efficiency for insurance clients,” said HSCM Bermuda Vice President Andrew Sagon. “We believe the company is uniquely positioned to drive standardization of insurance policy language across the industry.”
RiskGenius also announced the appointment of Sean Mollet as chief technology officer. Mollet has a history of successfully leading software development organizations. Most recently, Mollet served as head of software at APR, an automotive performance company, which was acquired by Driven Performance Brands in 2017. Mollet will lead the RiskGenius software and data science teams, which are expected to double in size by the end of the year.
“As a software-based business, Sean’s role as chief technology officer is critical to our success,” said Cheatham. “We are excited to welcome him to the RiskGenius team and expect that his prior experience in enterprise architecture and building world-beating hardware and software teams for multiple successful technology companies will play a crucial role in the continued growth and expansion of RiskGenius.”
- ITA Pro Magazine May/June 2019
- Spotlight on the 2019 IASA Conference
- ValueMomentum Selects Erie as Site of Regional Development Center
- Capgemini and Majesco Become Alliance Partners
- Electronic Chat with Dr. Dan Shoham
- Electronic Chat with Todd Greenbaum
- Martha Notaras: The “Outsider” with an Amazing Inside View
- ProSight Direct Offers “Effortless Insurance for Today’s Professional”
- Electronic Chat with Larissa Tosch
- Martha Notaras Will Join ITA LIVE 2019 as a Keynote Speaker
- Five Things to Consider When Evaluating Your Cyber Risk
- ITA Pro Magazine, January/February 2019
- Major Ransomware Attack Could Hit U.S. with $89B In Economic Damages
- ITA Announces 1st of Three Keynote Speakers at ITA LIVE 2019
- Electronic Chat with Jeroen Morrenhof
- Legacy Systems Are Dead. Really? Don't Count On It.
- Now Accepting Nominations for the 2019 ITA Bridge Awards
- It's time to register for ITA LIVE!
- Registration is Now Open for ITA LIVE 2019!
- What to Expect from a Digital Experience Platform Implementation
- ITA Pro Magazine September Edition is Now Available
- It's National IT Professionals Day
- Save the Date for ITA-LIVE 2019
- OneShield Software and UrbanStat Work Together to Improve Real-Time Analytics and Risk Decision-Making
- ITA LIVE 2019 - SAVE THE DATE!
- Insurance Technology Association Announces New Editor-in-Chief
- August 2018 Edition ITA Pro Magazine is Now Available
- Enterprise Architecture in an Agile World
- Top 10 Tips for Securing Your Mobile Devices and Sensitive Client Data
- Industry Insight: 4 Global Insurance Trends in Digital, Data, Content Services and Security
- Diving Deeper into Prioritizing Your Strategic Digital investments
- Why Content Rules
- How Mass Personalization Will Open the Small Business Benefits Market
- At Year End 2017, Will Your Organization Be Protected from Cyber Risks?
- Do Insurance Bots Dream of Mitigating Risk?
- Conditioned to Respond
- Managing & Mobilizing Insurance Data in a Connected World
- Race to the Finish Line
- New Tools, New Opportunities in Claims
- ITA LIVE: Reaching Insurance Industry Crossroads
- Advice to Insurance IT Leaders: Keep Your Eye on the Ball
- New Date, Venue for ITA LIVE 2017
- Guidewire Makes Major Push to Small and Midtier Market by Acquiring ISCS
- Insurance Disruption is Happening Right Now
- Insurity Adds Strategic Investment Partner, General Atlantic
- Beyond Transformation: The Convergence of Finance, Risk, and Actuarial Functions
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- Eight Critical Areas for Customer Experience Transformation
- ASNOA Enters New Enterprise Agreement with Agency Revolution
- Rewards, cashback and instant feedback. Sygic and Onlia have committed themselves to making Canada safer
- EMC Insurance Announces Commercial Agreement with Betterview
- LexisNexis Risk Solutions Selected by GM as Preferred Insurance Data Partner
- Shift Technology Joins Guidewire PartnerConnect Alliance Program
- New Report Highlights Critical Developments That Are Accelerating Transformation in the Insurance Industry
- Norima Consulting, Inc. Joins Quadient Partner Advantage Program
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA LIVE 2019
The tide is up! It's time to register for ITA LIVE 2019, our annual educational and networking conference! Our theme is "The InsurTech Revolution: Cutting Through the Hype." and we'll be bringing in a torrent of industry thought leaders, amazing insight and wonderful perspectives on the world of insurtech and its impact on the insurance landscape.
ITA LIVE 2019 will present real-life examples of true startup technologies that are helping insurers gain real advantage -- and a competitive edge -- in the marketplace. We’ll highlight the more successful InsurTech partnerships, while offering case studies that demonstrate exciting innovation and cutting-edge techniques impacting all aspects of the insurance ecosystem.
Ride the wave to LIVE 2019. Sign up today! We look forward to seeing you in May, 2019!
BLOGS AND COLUMNS
Customer experience is an essential component of the transformational journey... READ MORE
Insurance companies can serve customers better when they have access to accurate data and use it to send personalized, relevant messages that deliver... READ MORE
You have surely heard it said that small businesses are the growth engine for America. Today, the phrase has a special ring to it for benefits... READ MORE
With stagnant growth and lingering low interest rates, the life insurance industry faces a challenging future... READ MORE
Finding insurance carriers willing to write commercial lines risks has always been a challenge for producers... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE