Insurtech RiskGenius unveils COVID-19 risk checklist for commercial insurers
Insurtech RiskGenius, which uses artificial intelligence (AI) to evaluate emerging risks across a portfolio of P&C insurance policies, has released a checklist of potential coverage issues related to the coronavirus (COVID-19) pandemic.
The emerging risk checklist aims to help commercial insurers evaluate their potential exposure to coronavirus, which would otherwise be a "daunting task" as insurers still mainly rely on a manual review of their policies.
“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.”
Cheri Trites-Versluis, head of the RiskGenius Policy Analysis team, added: "Commercial insurers still mainly rely on a manual review of their policies to determine how specific policy language affects coverage. 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.”
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