Verisk Unveils Generative AI Tool to Accelerate Insurance Claims Settlement Process

Verisk, 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.

Source: https://www.verisk.com/

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Submit
Azthena logo

AZoM.com powered by Azthena AI

Your AI Assistant finding answers from trusted AZoM content

Azthena logo with the word Azthena

Your AI Powered Scientific Assistant

Hi, I'm Azthena, you can trust me to find commercial scientific answers from AZoNetwork.com.

A few things you need to know before we start. Please read and accept to continue.

  • Use of “Azthena” is subject to the terms and conditions of use as set out by OpenAI.
  • Content provided on any AZoNetwork sites are subject to the site Terms & Conditions and Privacy Policy.
  • Large Language Models can make mistakes. Consider checking important information.

Great. Ask your question.

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.