Innovating in InsureTech
The year 2020 is winding down. The scourge of the Covid-N19 pandemic has changed everything. Our personal lives and businesses have changed in so many ways: some bad, but some good. The year of disruption, indeed. All of us have now experienced a pandemic and how instantly it has affected our lives. In the midst of this, successful companies with excellent leadership and entrepreneurial spirit have pivoted and thrived in their respective marketplace.
The pandemic has caused everyone to alter and adopt new routines quickly. Change is good, and in times of uncertainty, leaders emerge with new ideas and concepts to solve problems that might seem unsolvable. The insurance industry had to quickly embrace the new remote workforce that made all of us quickly learn the nuances of video conferences with team and client meetings (and we needed to learn how to use all of them). The daily activities of your claims examiners and agents may appear to be running efficiently, but how are you ensuring that every one of your resources is successful? How are you ensuring that critical deadlines (i.e., demand letters, litigation deadlines, government compliance, reporting, etc.) are achieved? A ‘cyber claims assistant’ may be the immediate answer for these issues.
Team camaraderie in a virtual environment can be a challenge. Investigations still need to be completed effectively and efficiently. Your team is working remotely, and probably more from their desk (or improvised home office workspace). So how are you ensuring that the team is communicating and working efficiently? Leveraging the right technology platforms for your teams, supervisors, managers, and the C-Suite is a critical building block to ensure the best communication and coordination in productivity. Consider this – – A robust artificial intelligence platform that is a type of ‘cyber supervisor,’ best practice recommendations, red flags, quality control alerts, and predict if a claim will fall into litigation working seamlessly alongside your claims management system. Introducing Charlee™ for aggregate and individual claim insights.
Our Charlee™ platform allows supervisors and managers to monitor the claims process focusing on the reduction of allocated loss adjustment expenses and litigation costs. State Department of Insurance regulations mandate the adherence of deadlines in the claims process. If a legal demand letter or a statute due date is ignored, the cost of your claim can grow exponentially. The Charlee™ solution will remind your claims team of deadlines and closely monitor and analyze the data required for your team member to make the right decision. (Charlee™: Right Data, Right Time, Right Person, Right Decision).
Innovate and Pivot
Last month, Infinilytics entered into an exclusive partnership with Periculus, subsidiary of Lowers Risk to optimize business interruption claims with Charlee™, an artificial intelligence engine that combs through unstructured text and delivers insights for risk and litigation prediction. We have witnessed and followed dozens of lawsuits filed because the pandemic (i.e., a virus) is not a covered peril. Business owners are shocked and upset once they learn that someone denied their business interruption claim. Some groups have started discussions about creating insurance coverages for incidents. Infinilytics’ Charlee platform analyzes the unstructured text in these claim notes and documents, identifies the hidden patterns and insights, and presents them in a meaningful way so insurance carriers can begin to measure the risk in providing coverage for the incidents and subsequent claims. In January 2021, Infinilytics will introduce Charlee™ for cyber risk in partnership with Periculus for predictions and insights.
Season’s Greetings and Happy Holidays from the Infinilytics Team.