Verisk, a leading global data analytics and technology provider, has recently announced an adoption of automated Generative AI tool which has been designed to support faster insurance claims processing.
Knowing about the firm- They have been making the future more certain and realistic for half a century. Established in 1971 as an insurance rating bureau, focusing on risk analytics and insights. Since then, the company has grown to become a valued source of insights that can drive recovery and transform industries, and even governments across the globe.
In recent times, AI has folded itself towards a much more selected way to transform manual work to easier and less time taking processes. AI algorithms can create customizable coverage based on the needs and risk factors of individuals in more segregated and classified manner. By analysing individually designed customer data, insurers can generate custom based insurance products and individualized pricing, within a snap for their customers.
This offering will be confined within the company’s Discovery Navigator, a premier medical record review platform for property and casualty claims professionals, and will aim towards the claims settlement process that will help professionals to seek out for faster and more accurate resolutions within a short period of time.
Accepting this new trend will turn to gain underscores Verisk’s commitment to leveraging cutting-edge technology to streamline operations and deliver value to its clients (on individual basis).
With claims professionals facing challenges such as a shrinking skilled workforce and rising costs, Verisk recognises the importance of providing tools that can enhance productivity and drive operational efficiency in its mode of redeeming an insurance claim will less manual effort and much smarter approach to deliver less time consuming results.
Thus, the following new feature is especially designed to address these challenges by automating the extraction and organisation of key treatment data and medical information, enabling claims handlers to compile comprehensive record summaries in a fraction of the time previously required and making the whole process more smoother, trustable and hurdle free.
Verisk’s Discovery Navigator platform has already demonstrated significant improvements in claims handling efficiency, with up to 90% faster manual record review and up to 95% accuracy rates.
The addition of the Generative AI auto-summary feature further enhances the platform’s capabilities, empowering its claims handlers to settle claims more efficiently than ever before. Thus, By leveraging Amazon Bedrock, that is a fully managed service from Amazon Web Services (AWS), Verisk has built a scalable and accessible solution that lets claims professionals of all skill levels to streamline their workflows and achieve better outcomes for their customers by the same rate of effort.
Maroun Mourad, president, Verisk Claims Solutions, stated, “In an era of a shrinking skilled workforce and rising costs in claims handling, generative AI isn’t a luxury, it’s a lifeline. Discovery Navigator’s new auto-summary will empower our customers to do more with less, unlocking new efficiencies that fuel continued growth.”
