I have been reading with envy as business to consumer (B2C) insurtechs have been posting their quarterly updates. We are a simple business to business (B2B) insurtech company. But then I got to thinking -- why can't we do the same? Keep reading for some updates and the best insurance innovation advice I heard in 2018 (so far).
Here are some humble, genius thoughts on Q2 2018 at RiskGenius.
Deep Thoughts from RiskGenius
Half the room groaned. One intern put her head in her hands, exasperated by the mere thought of policy checking. She explained that the best way to do policy checking was by printing out the documents and putting them side by side.
"I knew policy checking could be automated," she proclaimed.
Young professionals (I refuse to use the "M" word) aren't worried about losing jobs to automation and A.I.. They are worried about doing repetitive work that can be done better by machines. This gives me hope for the future of the insurance workplace
GeniusForms is Getting Advanced
GeniusForms is our smart forms library (check out our new website for more info www.riskgenius.com). We are working on advanced search and quoting automation in this platform. This functionality will allow users to find the clauses and forms they need and pull the documents into a quote. I am really excited about the prospects of applying machine learning to quote generation in the future.
(As an aside, I think the lines between policy admin and what RiskGenius does are starting to blur).
We've also been working on cleaning up our machine learning indexes. This is an annual summer ritual at RiskGenius. Data can get stale, categories can get old. We need to teach the machines what we've learned. The only way to do this is to painstakingly go through the truth data.
The photo is Jake (Policy Analyst) and Jeremy (COO) painstakingly pouring over data in our Turing room.
GeniusCheck is very, very close to completion. We can now extract data from policies and deliver it in a simple user interface. This means automated policy checking.
Here's a quick video: GeniusCheck in all it's glory.
We expect an influx of policies, quotes and binders later this year. As a result, we made a decision to rebuild the pipeline between our data extraction engine and our user interface. Basically, we are building an industrial strength pipeline to deliver data much faster.
RiskGenius is growing up.
We are also adding carriers and lines of business to our coverage list. You can sign up here to try GeniusCheck later this year.
We are Growing
We moved into a snazzy new office in March 2018. Since then we have hired a Director of Technology (Patrick), a Software Architect (Joe), two Software Developers (Rachel and Gabe), a DevOps guy (Jared), and two Software Interns (Marisa and Andrew). And we are hiring one more developer as soon as possible.
We are trying to get ahead of the curve. We now have three products, GeniusForms, GeniusCheck as well as our supervised review platform.
If you know a good developer that is interested in what we are doing and wants to live in amazing Overland Park, Kansas, let us know.
How to Do Insurance Innovation
Ted Stuckey, Principal ant QBE Ventures, is responsible for the best insurance innovation advice I heard in 2018. We were on a panel together at the DigIn Conference. Paraphrasing Ted:
Don't do an insurance technology Pilot to determine if you have a problem. Do an insurance technology Pilot to determine if you have found a solution.
What's on your mind? How are your innovation efforts going?
Are you stuck? Let me know. Email me at: chris at riskgenius dot com