RiskGenius partners with QBE to deliver AI and machine learning to drive more efficient underwriting workflows and policy automation.
Overland Park, KS – October 26, 2017 – RiskGenius, developer of the RiskGenius Platform, which utilizes highly-specialized algorithms and artificial intelligence (AI) to organize the world’s insurance policy information for carriers, brokers and commissioner offices, is pleased to announce the company’s first industry partnership with QBE Ventures.
“I’m delighted that RiskGenius is the first partnership for QBE Ventures,” said Bob James, group head of transformation for QBE. “QBE North America completed a proof-of-concept of the RiskGenius Platform earlier this year, and saw great results leveraging the company’s proprietary, machine learning product to compare policies as part of our product development process. From that proof-of-concept, we’ve now signed a multi-year commercial use agreement, and plan on implementing the RiskGenius Platform across all our business units in North America during the first half of 2018.”
QBE North American will be the first division to fully implement the RiskGenius Platform, with plans already in place to upload 125,000 policy documents in 2018. By establishing clause libraries and standardizing common policy language, the RiskGenius Platform makes it easier to develop new policy language faster, and is expected to improve QBE’s speed-to-market for new products, deliver new insights into new and existing coverages, and streamline the policy review process by introducing intuitive automation.
“Both QBE and RiskGenius are aligned in our vision for RiskGenius to become a utility, a standard, for insurance professionals looking to evaluate insurance policy language,” said Chris Cheatham, CEO of RiskGenius. “We recently announced the release of Johannes, our proprietary machine learning solution, which was built specifically for insurance policy language. QBE’s experience over the last several months has proven that the RiskGenius Platform can deliver pinpoint insights to insurance professionals throughout the world.”
Using machine learning, the RiskGenius Platform quickly and easily interprets, organizes and standardizes policy language. Such organization and standardization helps underwriters, brokers, and regulators better understand the trends inherent to complex coverages. With the RiskGenius Platform in place, insurance professionals can more confidently manipulate and utilize unstructured data, create more efficient underwriting workflows and better tailor policies to coverage needs.
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RiskGenius utilizes artificial intelligence (AI) to interpret and organize the world’s insurance policy information. Designed for carriers, brokers and commissioner offices, the RiskGenius Platform helps insurance professionals better understand policy language, create efficient underwriting workflows, streamline processing using customized business rules, and benefit from true policy automation. For more information, please visit www.riskgenius.com.
QBE Insurance Group Limited is listed on the Australian Securities Exchange, is one of the top 20 global insurance and reinsurance companies as measured by net earned premium and has operations in 37 countries. For more information visit www.group.qbe.com.
About QBE Ventures
QBE Ventures is the venture capital arm of QBE Insurance Group, a top 20 global insurance and reinsurance company operating in 37 countries. QBE Ventures invests globally in companies that provide access to differentiated technology which has the potential to enhance QBE’s business model, drive efficiencies and develop new avenues of growth.