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.
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.
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.
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.
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.