Verisk Launches Generative AI Tool to Support Faster Insurance Claim Processing
February 08 2024 - 7:58AM
Verisk, (Nasdaq: VRSK), a leading global data analytics and
technology provider, has announced the launch of an automated
generative artificial intelligence (generative AI) record summary
capability in Discovery Navigator, one of the leading medical
record review platforms for property and casualty claims
professionals. The Discovery Navigator platform has already proven
to be up to 90% faster than manual record review with up to 95%
accuracy rates, allowing claims handlers to compile record
summaries in a fraction of the time. The new generative AI
auto-summary feature is designed to further simplify and accelerate
the claims settlement process, allowing claims professionals to
achieve efficient and accurate resolutions faster than ever before.
Discovery Navigator’s new auto-summary is built using Amazon
Bedrock, a fully managed service from Amazon Web Services (AWS)
that makes foundation models (FMs) from leading AI companies
accessible via an API to build and scale generative AI
applications. The auto-summary feature is designed to empower
claims handlers of all skill levels to settle claims more
efficiently. By automating the extraction and organization of key
treatment data and medical information into a succinct summary,
claims handlers can now identify and organize important bodily
injury claims data faster than ever before, helping to facilitate
more expedient settlements for their customers.
"In an era of a shrinking skilled workforce and rising costs in
claims handling, generative AI isn't a luxury, it's a lifeline,”
said Maroun Mourad, president, Verisk Claims Solutions. “Discovery
Navigator’s new auto-summary will empower our customers to do more
with less, unlocking new efficiencies that fuel continued
growth."
How Discovery Navigator is built to boost insurers’
performance
With Discovery Navigator’s ability to auto-generate summaries,
property and casualty insurance claims professionals gain access to
key medical treatment data even faster, empowering them to focus on
higher-value tasks and improving overall productivity and
efficiency. Furthermore, the efficiency enhancements of Discovery
Navigator’s auto-summary could support more strategic resource
allocation, allowing claims handlers to focus their efforts on more
complex tasks and other aspects of the settlement process. This, in
turn, may lead to a significant reduction in claim leakage and help
ensure resources are deployed where they will have the greatest
impact.
Verisk is focused on developing ethical and responsible
generative AI
Verisk is at the forefront of leveraging leading and emerging
technologies, such as generative AI, in the insurance industry to
enhance its clients’ operational efficiency, productivity and
profitability. The company’s generative AI-powered solutions and
applications remain rooted in its commitment to the ethical and
responsible use of AI. These tools are developed with appropriate
privacy and security controls, ensuring human oversight and
facilitating transparency consistent with its ethical AI-related
principles and governance practices.
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.
Mary Keller
Verisk
339-832-7048
mary.keller@verisk.com
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