What is smartC™ ?

smartC™ 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 smartC™ do?

smartC’ built-in A.I. is very effective from the first notice of loss through the claims adjudication process. smartC 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).

smartC 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). smartC delivers immediate ROI with a significant impact and reduction in loss ratios.
smartC solves the 3 main reasons to keep the loss ratios from increasing and improve customer satisfaction in 3 STEPS:

Process Automation: smartC 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: smartC 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 smartC 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 smartC’ web application or through API

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Value of smartC

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

smartC™ – Media

  • Infinilytics is proud to announce that we have completed the requirements for a Service Organization Control (SOC) 2, Type I Audit covering our SaaS product. Specifically geared toward SaaS and other technology companies with a focus on security, availability, processing integrity, confidentiality and privacy, the......

  • The reign of Artificial Intelligence is on an upward swing, and it’s time for industries across the board to adapt to the changing landscape.  Join ECC for an unforgettable keynote presentation by John Standish, Co-Founder and Chief Analytics Officer for Infinilytics, Inc....

  • The time tested axiom in risk management: “If it’s predictable, it’s preventable”[1], holds true today in the business of property and casualty insurance claims. What’s really amazing is that we can take that axiom and energize it with artificial intelligence, ...

  • InsureTech and artificial intelligence (A.I.) have become the new buzz words and mantra in the insurance industry.  Creativity and innovation is thriving in Silicon Valley with over 1,600 technology companies in the InsureTech space for underwriting and claims....

smartC™ Reviews

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