OVERLAND PARK, Kan., March 26, 2020 (GLOBE NEWSWIRE) -- RiskGenius, an Insurtech company using artificial intelligence (AI) to enable property and casualty (P&C) carriers to analyze policy language across an entire portfolio, is pleased to announce the release of the company’s latest emerging risk checklist, which is specific to the COVID-19 pandemic.
“Whenever RiskGenius identifies a new emerging risk, we create a checklist of potential coverage issues, like we have with COVID-19,” said Chris Cheatham, CEO of RiskGenius. “Our software then applies that checklist across hundreds, or even thousands, of policies and identifies and extracts the relevant clauses from each policy, significantly streamlining coverage analysis.”
Carriers now face the daunting task of assessing and quantifying potential exposure to Coronavirus, while also struggling to comply with rapidly changing legislative information requests from federal, state, and local governments, such as the New York Department of Financial Services’ mandate for an extensive analysis of commercial property policies.
”Commercial insurers still mainly rely on a manual review of their policies to determine how specific policy language affects coverage,” said Cheri Trites-Versluis, head of the RiskGenius Policy Analysis team. “It could easily take six to 12 months to understand if the language around business interruption, pollution, contamination, and a myriad other clauses creates inadvertent COVID coverage. RiskGenius can help carriers analyze their policy language at scale across an entire portfolio.”
RiskGenius has already accumulated significant experience in the emerging risk space. Carriers first began using RiskGenius software in 2019 to evaluate opioid litigation and insurance liability. The company has since announced a partnership with Guy Carpenter, the largest reinsurance broker in the U.S., to use RiskGenius to assess insurers’ silent cyber exposure. RiskGenius has also completed COVID coverage analysis for two top-50 carriers already.
Along with the release of the COVID coverage product, RiskGenius is making a complimentary downloadable, PDF version of the COVID checklist available through its COVID Coverage Center so carriers can augment existing or internal checklists.
For more information about how best to apply the RiskGenius COVID-19 Checklist to any given book of business, please contact RiskGenius at email@example.com, or download the complimentary RiskGenius COVID-19 Checklist.
From emerging risks and product development to policy checking, RiskGenius is on a mission to help insurance carriers and brokers deliver the right coverage impossibly fast. RiskGenius applies artificial intelligence (AI) exclusively to insurance policy language, enabling insurance professionals to analyze books of business at scale and dramatically increase the understanding of specific coverages, as well as to enhance the consistency of coverage being offered to clients. For more information, please visit www.riskgenius.com.
St. Nick Media Services