Search
Close this search box.

Verisk Launches Generative AI Tool to Revolutionize Insurance Claims Processing

As Verisk leads the charge in leveraging cutting-edge technology to streamline operations, the insurance industry can anticipate a new era of enhanced productivity and customer satisfaction in claims processing.

Leading data analytics and technology provider, Verisk, introduces an automated Generative AI tool aimed at expediting insurance claims processing.

Introduction of Revolutionary Technology

Verisk, renowned for its global data analytics prowess, has unveiled a groundbreaking Generative AI tool tailored to support faster insurance claims processing. The tool, seamlessly integrated into Verisk’s Discovery Navigator, a premier medical record review platform for property and casualty claims professionals, promises to revolutionize the claims settlement process.

Streamlining Claims Settlement

The primary objective of this innovative offering is to streamline the claims settlement process, empowering professionals to achieve swift and accurate resolutions. By leveraging advanced AI capabilities, Verisk aims to enhance productivity and drive operational efficiency in an industry grappling with challenges such as a diminishing skilled workforce and escalating costs.

Upskill your Engineering Team with Generative AI

A customized corporate training program on generative AI can upskill and increase your engineering team productivity.

Reserve Your Spot
ADaSci Generative AI Certification Course

Automated Data Extraction and Organization

The newly launched feature automates the extraction and organization of crucial treatment data and medical information. This automation drastically reduces the time previously required for claims handlers to compile comprehensive record summaries, enabling them to perform tasks in a fraction of the time.

Demonstrated Improvements

Verisk’s Discovery Navigator platform has already demonstrated significant improvements in claims handling efficiency. With manual record review processes now up to 90% faster and accuracy rates soaring to up to 95%, the platform has proven its ability to enhance operational effectiveness.

Enhanced Capabilities

The addition of the Generative AI auto-summary feature further enhances the platform’s capabilities, enabling claims handlers to settle claims more efficiently than ever before. By harnessing Amazon Bedrock, a fully managed service from Amazon Web Services (AWS), Verisk has developed a scalable and accessible solution tailored to meet the needs of claims professionals across all skill levels.

Empowering Customers

Maroun Mourad, President of Verisk Claims Solutions, emphasized the transformative impact of generative AI in the claims handling landscape. He 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.” The introduction of the auto-summary feature within Discovery Navigator underscores Verisk’s commitment to empowering its customers with tools that unlock new efficiencies and drive continued growth.

As Verisk leads the charge in leveraging cutting-edge technology to streamline operations, the insurance industry can anticipate a new era of enhanced productivity and customer satisfaction in claims processing.

Anshika Mathews
Anshika Mathews
Anshika is an Associate Research Analyst working for the AIM Leaders Council. She holds a keen interest in technology and related policy-making and its impact on society. She can be reached at anshika.mathews@aimresearch.co
Meet 100 Most Influential AI Leaders in USA
MachineCon 2024
26th July, 2024, New York
Latest Edition

AIM Research Apr 2024 Edition

Subscribe to our Latest Insights
By clicking the “Continue” button, you are agreeing to the AIM Media Terms of Use and Privacy Policy.
Recognitions & Lists
Discover, Apply, and Contribute on Noteworthy Awards and Surveys from AIM
AIM Leaders Council
An invitation-only forum of senior executives in the Data Science and AI industry.
Stay Current with our In-Depth Insights
Our Upcoming Events
Intimate leadership Gatherings for Groundbreaking Insights in Artificial Intelligence and Analytics.
AIMResearch Event
Supercharge your top goals and objectives to reach new heights of success!

Cutting Edge Analysis and Trends for USA's AI Industry

Subscribe to our Newsletter