Verisk launches Generative AI tool to support faster insurance claims processing

Verisk, a leading global data analytics and technology provider, has introduced an automated generative artificial intelligence (Generative AI) record summary capability.

Verisk, a leading global data analytics and technology provider, has introduced an automated Generative AI tool which has been designed to support faster insurance claims processing.

The offering, which will reside within the company’s Discovery Navigator, a premier medical record review platform for property and casualty claims professionals, aims to the claims settlement process, enabling professionals to achieve faster and more accurate resolutions.

The launch of this new capability underscores Verisk’s commitment to leveraging cutting-edge technology to streamline operations and deliver value to its clients.

With claims professionals facing challenges such as a shrinking skilled workforce and rising costs, Verisk recognises the importance of providing tools that can enhance productivity and drive operational efficiency.

The new feature is designed to address these challenges by automating the extraction and organisation of key treatment data and medical information, enabling claims handlers to compile comprehensive record summaries in a fraction of the time previously required.

Verisk’s Discovery Navigator platform has already demonstrated significant improvements in claims handling efficiency, with up to 90% faster manual record review and up to 95% accuracy rates.

The addition of the Generative AI auto-summary feature further enhances the platform’s capabilities, empowering claims handlers to settle claims more efficiently than ever before.

By leveraging Amazon Bedrock, a fully managed service from Amazon Web Services (AWS), Verisk has built a scalable and accessible solution that enables claims professionals of all skill levels to streamline their workflows and achieve better outcomes for their customers.

Maroun Mourad, president, Verisk Claims Solutions, stated, “In an era of a shrinking skilled workforce and rising costs in claims handling, generative AI isn’t a luxury, it’s a lifeline. Discovery Navigator’s new auto-summary will empower our customers to do more with less, unlocking new efficiencies that fuel continued growth.”

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