What is Charlee™ Insights Engine

Charlee Insights Engine is a repository of pre-trained and pre-built actionable insurance insights gathered from a variety of sources and formats of data to deliver powerful predictions and automate workflows.

In their Magic Quadrant for Insight Engines, Gartner defines insight engines as follows “Insight engines are an evolution of search technologies that provide on-demand and proactive knowledge discovery and exploration augmented by semantic and machine learning (ML) technologies. They typically create a new index by crawling, indexing, and mining both internal and external data sources, as well as structured and unstructured content, to ensure that a board set of information is easily discoverable. These indexes are often complemented by natural language and context models such as ontologies and graphs in order to model correlations, improve the relevance, and provide use case accelerators.”

Charlee is an Insights Engine that has pre-built and pre-trained insights accumulated from over 36M claims from various claim files, claim documents, 3rd party reports, and external data.

Data Ingestion Layer:

Charlee™ ingests, organizes, and extracts data from various sources and formats of data. This is the key step of bringing together data from multiple sources whether its claims CSV filed from various TPAs or claim documents such as attorney letters, police reports, claim notes or ISO / NICB reports. Charlee™ uses our proprietary AI-enabled “smart ETL” to extract 5 types of dimensions – domain-specific unstructured data (without the noise), entities, sentiments, timelines, and connections while eliminating noise from these sourced data. Customers may upload batch files in CSVs, PDFs, DOCs, emails, reports, invoices, etc via SFTP or Charlee data ingestion APIs.

Domain Interpretation Layer:

Charlee™ leverages our proprietary custom-built natural language models, ontologies and dictionaries to interpret, translate, and transform the extracted unstructured data to relevant “topics”. These topics along with the 5 dimensions become a curated insight that is ready to be used as-is or in correlations, predictions, and analytics.

Insights:

The curated insights are then used with customers’ historical and ongoing claims data for predictions, KPIs, and patterns.

Charlee™ has 3 types of insights

The operational level insights can be integrated within the claims workflow for improving claim process efficiencies and decreasing costs and overheads. The curated insights become the foundation for our AI and machine learning models based on operational insights such as red flags, alerts and recommendations, management insights, and predictions. These insights can be scored or used to flag open claims with a context so adjusters claim managers or risk managers can leverage the intelligence to mitigate the claim. These operational insights can be integrated into workflow within any claims management system. These insights also are a great training and audit tool for Claims managers and can serve as a great resource for efficient reserves management. Please see the Partners page for the list of claim vendors that have built-in integration of claims with Charlee insights.

The management insights can be viewed through our dashboards. The management insights provided via an easy to use dashboard gives a quick view of all risks, costs, and litigation drivers within the current claims repository. The management insights also show significant patterns behind these cost and litigation drivers. The dashboard also comes with an interactive “Semantic Search” functionality that allows users to search for any keyword (loss type etc), select filters, and discover insights and metrics around the topic searched. Most trending topics are also displayed for users to choose from that list to search and discover insights, patterns, and trends on their claims repository. Litigation counsels and actuaries can also leverage the dashboard to discover risks curated from unstructured and structured data. The claims management team can then drill down any KPI / insight/pattern or trend from the dashboard to analyze open claims displaying similar patterns and trends which they may quickly assign to their staff.

Predictions such as severity, litigation, and cyber risk are types of insights.

Historic claims data along with ongoing claim payment transactions are used by Charlee™ combined with Charlee’s pre-trained insights to predict claim settlement or indemnity payment. Charlee™ also flags ongoing open claims if existing payments exceed the predicted settlement amounts.

Historic claims data along with ongoing claims data and Charlee’s pre-trained insights are used to predict pre-litigation, attorney involvement and trial/settlement on open claims. Charlee™ is able to provide contextual insights along with the predictions. These predictions happen at the onset of the claim and are over 80% accurate giving claims managers enough time to mitigate. Charlee™ is able to predict litigation (defined as a case filed in court) about 4-6 weeks before the attorney is involved. Every claim source data is used in the prediction and its context. Sources include claim notes, emails, attorney demand letters, 3rd party reports, police reports, social media data etc.

Charlee™ Cyber risk prediction uses Charlee’s analysis of Advisen data (structured and unstructured), other public data, prior cyber claims to predict frequency and severity of cyber risk incidents, loss amounts, and insights. The insights provided can help the insured take steps to prevent cyber risk incidents and for insurers to provide premium discounts. Insurers, Risk Management companies could use these predictions and insights to measure and price cyber insurance and coverages accurately.

Charlee™ Insights Engine – Features & Packages

Charlee Basic Charlee Pro Charlee Premium Charlee Cyber
Structured Data Ingestion YES YES YES YES
KPI Dashboard YES YES YES NA
Unstructured Data Ingestion NA YES YES YES
Historic Data (Claims, Policy) NA YES YES YES
Insights Dashboard NA YES YES NA
Insights Search NA YES YES NA
Severity Prediction or Litigation Avoidance Only Settlement Settlement or Litigation BOTH NA
Cyber Risk Prediction NA NA YES YES
Claim Insights (Red Flags, Alerts, Recommendations) NA YES YES NA
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Charlee Basic Charlee Pro Charlee Premium Charlee Cyber
New Claims or Searches / Month 2000 2000 2000 500 Searches
Claim notes – topic/entity/sentiments/timelines/connections extractions NA YES YES YES
Total No of Pages – Claims Documents OCR + topic/entity/sentiments/timelines/connections NA NA 100 NA
Cloud YES YES YES YES
API / UI UI BOTH BOTH API
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0M+
Claims processed
0+
Pre-built and Pre-trained insights
0+
Years of combined Insurance and Technology expertise