What is Charlee ?

Charlee is an A.I. based predictive analytics solution that solves insurance industry’s 3 main problems: Fraud, Litigation, Manual Adjudication

Fraud

Fraud costs the property and casualty industry about $35B each year or 6.5% of written premium (Total written premium in 2017 – $539B). Fraud causes paid losses to go up resulting in increased loss ratios and insureds’ premiums. Many insurers have disconnected claims and underwriting processes which causes fraudsters to come back again.

Litigation

Litigation costs increases loss ratios for the insurer. They may be due to delay in settlements, external legal counsel expenses and unexpected risk severity. Litigation costs are reported to be around 16.1% of written premium or $87B annually (Total written premium in 2017 – $539B).

Manual Adjudication

Claims staff spend about 70% of their time collecting data, analyzing and detecting patterns. This increases the Allocated loss adjustment expenses and it could be a significant expense affecting loss ratios especially during catastrophes.

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What does Charlee do?

Charlee’ built-in A.I. is very effective from the first notice of loss through the claims adjudication process. Charlee enables the claims staff make effective and quick decisions through the predictions and the rich context behind the predictions. Using the predictions and the context, claims staff and those involved are able to mitigate these high risk and high severity intelligently. This is where A.I. meets H.I. (Human intelligence).

Charlee is simple to use A.I. tool, delivers value to end users and enables end users to effectively combine and use A.I. with H.I. (human intelligence). Charlee delivers immediate ROI with a significant impact and reduction in loss ratios.
Charlee solves the 3 main reasons to keep the loss ratios from increasing and improve customer satisfaction in 3 STEPS:

Process Automation: Charlee effectively brings together internal and external data, including OCR data extractions from unstructured files/PDF’s/Documents. This helps with speed to processing and analyzing

Predictive Analytics: Charlee has built-in A.I. and machine learning that predicts fraud, litigation and outliers and adds the context to these predictions. The context and insights provided by Charlee is what that distinguishes us from the rest of the analytics solutions.

Actionable Insights: The predictions and their context and insights are delivered to the end user through Charlee’ web application or through API

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Value of Charlee

Litigation & Fraud: 30-40% Reduced Loss Adjustment Expenses, 9% improvement to Loss Ratio
Manual Adjudication: 25-30% Personnel cost savings, 0.4% improvement to Loss Ratio
Simple to implement: SaaS model, less than 3 months

Charlee – Media

  • Workflow Automation, Litigation Prediction, Fraud Recognition with Charlee™  Five Minutes with the Infinilytics’ Innovation Team  The last several months have caused the insurance industry to change in so many ways. Some insurance companies are reporting a decline in revenue while others are maintaining or have......

  • If you could search your claims database for insights that will allow you to reduce indemnity and loss adjustment expense, what would you search for?...

  • Insurance leaders are constantly trying to predict what is around the corner.  “What don’t I see?”  “What’s going to happen next?” “How can I prepare for the next catastrophe or the resulting tidal wave of litigation?” “How can I efficiently and effectively manage current and......

  • Hello World 2.0!  In a short amount of time suddenly everyone is working remotely.  Indeed, there are a lot of people who work for global corporations and have mastered meetings through Zoom, Skype, etc. and odd hours working with their virtual colleagues and customers.  However,......

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