(Image source: Carpe Data ClaimsX Ultra webpage.)
Carpe Data, the next-generation online data provider for insurers, has announced ClaimsX Ultra, a new AI-assisted fraud detection system that builds on ClaimsX’s original claim monitoring technology. ClaimsX Ultra automates customer data collection and analysis, eliminating manual processes and filling in missing information gaps; it employs AI to detect early fraud indicators, avoiding late discoveries; and uses advanced algorithms to manage vendor risk and determine connections between involved parties, according to a statement from Carpe Data. This automation streamlines claim processing, significantly reducing manual efforts and enhancing fraud prevention, the vendor says.
Five Critical Challenges
“We’ve pinpointed five critical challenges that persist across the industry, hindering the quest for precision and efficiency in claim processing,” comments Max Drucker, CEO of Carpe Data. “These challenges include limited early insights from FNOL data, blind spots in early fraud detection, inadequate data on vendor and household connections, and insufficient identity validation. ClaimsX Ultra is our response to these challenges, aimed at tackling the most significant inefficiencies in claim processing so insurers can do more with less while ensuring claim handling that is both fast and fair.”
Supercharging the Claim Process for Accuracy and Speed
In a landscape where triage, vendor insights, and fraud detection often fall short, ClaimsX Ultra will be key for carriers to supercharge the claim process for both accuracy and speed, allowing them to detect fraud earlier, streamline operations, and deliver a superior customer experience.
Carpe Data asserts that ClaimsX Ultra provides the most comprehensive review of any given claim, with benefits such as the following, as described by the vendor:
Evidence-Based Alerts for All Claim Types – From auto collision and workers’ comp to general liability and more, ClaimsX Ultra streamlines processing , reduces delays, and collects evidence to prevent fraud before online information is scrubbed. Historically available for bodily injury claims, Ultra expands these capabilities to include APD, workers comp, GL claims and more.
Validated FNOL and Customer Insights – Provides a smoother customer experience, lowers operating costs tied to manual research, and deters minor fraud in the process.
Vendor Risk Analysis – Reduces provider fraud incidents directing claimants to trusted vendors known for customer success, therefore reducing claim costs and research time improving the overall experience.
Holistic Picture of Every Open Claim
“We’ve always believed in pushing the boundaries of innovation to meet the changing needs of our customers,” comments Scot Barton, Chief Product Officer, Carpe Data. “ClaimsX Ultra represents a natural evolution of our successful ClaimsX platform. What sets the new ClaimsX Ultra release apart is its ability to provide a holistic picture of every open claim, turbocharging FNOL processing with early, actionable information, enhancing fraud prevention, and offering universal applicability across various claim types.”
“We also pride ourselves on its seamless integration into existing workflows, eliminating the need for additional portals and ensuring your team can make well-informed decisions while processing claims efficiently,” Barton adds.
A Decade of Innovation in Data Science and AI
The Carpe Data statement characterizes ClaimsX Ultra as representing nearly a decade of innovation in data science and AI, and as the pinnacle of the company’s commitment to enhancing insurance carriers’ efficiency, from the FNOL to claim settlement and subrogation, catering to the broad spectrum of claim types and processes.