Verisk Expands Ecosystem Adding Section 111 Reporting Platform to Duck Creek Content Exchange
January 18 2024 - 8:47AM
Verisk, (Nasdaq: VRSK), a leading global data analytics and
technology provider, announced MSP Navigator is the latest Verisk
product to be made available on Duck Creek’s Content Exchange. MSP
Navigator provides casualty insurers with an efficient solution for
Section 111 reporting, and they can benefit from the advanced
automated reporting and analytical capabilities of the platform,
facilitating compliance and avoiding civil monetary penalties.
Verisk’s proprietary platform offers a simple, effective method
to identify Medicare beneficiaries for timely and accurate
reporting of ongoing responsibility for medical treatment,
settlements, judgments, awards, or other payments to the Centers
for Medicare & Medicaid Services (CMS) as required by Section
111 of the Medicaid & Medicare SCHIP Extension Act of 2007.
“Verisk's MSP Navigator helps casualty insurers meet the
ever-changing landscape of Section 111 reporting,” said Mark
Popolizio, vice president of MSP compliance, casualty solutions at
Verisk. “This is a highly accurate Section 111 reporting solution
supported by our team of legal and medical experts. The solution
not only reports data but also provides CMS compliance analytics,
and it’s integrated with ISO ClaimSearch® as well as API
integrations with many of the leading claims systems.”
How MSP Navigator supports compliance and offers rich
analytics
Section 111 is a time-consuming and costly activity, with large
penalties for late or inaccurate reporting. With MSP Navigator,
insurers can focus on timely reporting with minimal errors. In
fact, 99.9 percent of claims reported to CMS through MSP Navigator
contained zero errors, based on 2022 data from nearly 4,000
Responsible Reporting Entities (RREs) and 1.4 million claims
reported.
The platform offers advanced reporting and analytical
capabilities, providing insurers with data-driven insights. This is
especially critical with the announcement of the finalized Section
111 penalties going into effect in 2024.
"Duck Creek is thrilled with the addition of MSP Navigator and
our rapidly growing number of integrations with Verisk available on
our Content Exchange,” says Oliver Werneyer, vice president of
product strategy, Duck Creek Technologies. “By utilizing this new
accelerator, our customers will be empowered with a more simplified
and modernized claims experience that leads to greater accuracy,
operational efficiency, and cost savings.”
"We're excited to expand the integration of Verisk solutions in
Duck Creek's Content Exchange with the addition of MSP Navigator.
This collaboration will enhance the ease of use and integration for
Duck Creek customers, enabling them to streamline their Section 111
reporting process and avoid costly noncompliance penalties," said
Maroun Mourad, president of claims solutions at Verisk.
Duck Creek customers can currently access a wide range of Verisk
tools through the Content Exchange, including detailed information
on the relative risk of vehicles, the replacement costs for
specific homes, and robust telematics data from consenting drivers
for usage-based insurance programs.
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About Verisk Verisk (Nasdaq: VRSK) is a
leading strategic data analytics and technology partner to the
global insurance industry. It empowers clients to strengthen
operating efficiency, improve underwriting and claims outcomes,
combat fraud and make informed decisions about global risks,
including climate change, extreme events, ESG and political issues.
Through advanced data analytics, software, scientific research and
deep industry knowledge, Verisk helps build global resilience for
individuals, communities and businesses. With teams across more
than 20 countries, Verisk consistently earns certification
by Great Place to Work and fosters an inclusive
culture where all team members feel they belong. For more,
visit Verisk.com and the Verisk
Newsroom. About Duck Creek TechnologiesDuck
Creek Technologies is the intelligent solutions provider defining
the future of the property and casualty (P&C) and general
insurance industry. We are the platform upon which modern insurance
systems are built, enabling the industry to capitalize on the power
of the cloud to run agile, intelligent, and evergreen operations.
Authenticity, purpose, and transparency are core to Duck Creek, and
we believe insurance should be there for individuals and businesses
when, where, and how they need it most. Our market-leading
solutions are available on a standalone basis or as a full
suite, and all are available via Duck Creek OnDemand.
Visit www.duckcreek.com to learn more. Follow Duck Creek
on our social channels for the latest information
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Mary Keller
Verisk
339-832-7048
mary.keller@verisk.com
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