RiskGenius Blog

Insights into our world of Insurance & Technology.

Introducing Genius Search:  The Google Search of Insurance Policies

by Chris Cheatham | Jul 27, 2016 | Analytics, Riskgenius


What would you do if you could go to Google.com and search for insurance clauses and policies?  

(Seriously, I am curious.  Please add a comment -- best answer gets a free RiskGenius t-shirt).  

Please say hello to RiskGenius' newest and baddest feature, Genius Search.  We are testing it now and it goes live Fall 2016.  

Genius Search is the Google Search of Insurance Policies.  

Here's how Genius Search works:  

  • A user types or pastes an example insurance clause or text.  
  • The user clicks search.  
  • The RiskGenius software then returns the most similar clause results.  

You may be wondering where do the clauses come from that are returned as part of the search?  Good question!  

  • Each time a user uploads a policy, RiskGenius breaks out clauses from that policy. 
  • RiskGenius then creates an auto-populated clause library for each customer.  
  • So the more a customer uses RiskGenius, the better the clause library gets. 

But it gets even better.  We can supply a pre-populated clause library for our customers based on their existing policies.  Thousands of policies.  Hundreds of thousands of clauses.  At your finger tips.  

Who Will Use Genius Search?  

Anyone that needs to research an insurance clause will use Genius Search.  Off the top of my head, I can think of two iterations.  I tend to think of software in user stories: 

User Story 1 - Negotiate Smarter

Agent Peggy needs to propose alternative language for a drone exclusion that was submitted by ABC Insurance.  So Agent Peggy runs the following Genius Search:  
Clause Searched On:  "This policy does not include the flying of commercial or consumer drones in any way, shape or form, and includes all flights unless those flights are above 50,000 feet in order to spy on Russia for a United States government agency, in which case, we will cover losses for up to $1,000,000,000 as a result of the flight" 
Show:  Clauses 
Located In:  "ABC Insurance" folder 
The result:  The most similar ABC Insurance drone exclusion clauses are listed in order of relevancy. 
Why this Matters:  Agent Peggy can go back to her underwriter contact, produce new clause language and indicate that this language was previously accepted by another ABC Insurance underwriter.  
Why this Really, Really Matters:  Insurance Agencies can finally leverage the vast insurance libraries that have been created by armies of insurance professionals.  

User Story 2 - No More Manuscript

Underwriter Ann is negotiating a policy with a large brokerage.  The broker has asked for coverage for the Internet of Things.  Underwriter Ann does not know what the Internet of Things includes, so she does some basic research and drafts up a clause.  Then she searches RiskGenius for similar clauses written by her colleagues.  
Clause Searched On:  "Internet of Things is defined as all things that are connected to the internet.  This definition shall include all residential connections to the internet but not all commercial connections to the internet."  
Show:  Clauses 
Located In:  "Approved Clauses"  
The result:   All of the most similar Internet of Things clauses that have been approved by the Risk Management Committee can be reviewed.  
Why this Matters:  Underwriter Ann can quickly identify and insert a pre-approved Internet of Things clause into her policy.  
Why this Really, Really Matters:  Genius Search can end manuscript polices as we know them.  Instead of writing new clauses, insurance carriers can leverage pre-written, pre-approved clauses across the enterprise.  

Why is Genius Search So Cool?  

I love Genius Search because it only gets better with time.
As users upload policies, their clause library will automatically grow and populate.  For example, if an underwriter at ABC Insurance uploads a policy, the clauses from that policy will automatically go into the ABC Insurance clause library AND the machine learning index will be updated to include the new clauses.  
We are delivering a feature that was first described in February 2016.  Rick Huckstep was nice enough to call us the "Google of Insurance Policies" back in February, but we weren't quite yet there.  
By September 1, 2016, we will be there.  
Genius Search:  the Google of Insurance Policies.