RiskGenius, an insurtech using artificial intelligence to evaluate emerging risks across insurance portfolios, has released a checklist of potential coverage issues associated with the coronavirus pandemic.
The checklist has been launched to help carriers assess and quantify potential exposure to the virus, as firms struggle to comply with rapidly changing legislative information requests from federal, state, and local governments.
RiskGenius says it has already completed coronavirus coverage analysis for two top-50 carriers.
“Whenever RiskGenius identifies a new emerging risk, we create a checklist of potential coverage issues, like we have with COVID-19,” said Chris Cheatham, Chief Executive Officer 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.”