(Image source: Charlee.ai homepage.)
Charlee.ai (Pleasanton, Calif.), a provider of cloud-based artificial intelligence solutions for property/casualty insurers, and ClaimDeck (Dallas), the provider of a SaaS-based, process-driven litigation management platform, have announced a newly-formed partnership that integrates their solutions.
Sri Ramaswamy, CEO, Charlee.
“We live in an increasingly litigious society and claims costs already account for the bulk of the premium dollars insurance companies bring in,” comments Sri Ramaswamy, CEO, Charlee. “This partnership ensures insurers will be able to more accurately predict which claims have the highest likelihood of litigation to ensure settlement and it is, therefore, easier to proactively manage the process to mitigate soaring loss costs.”
Charlee inspects all sources of data within the claim file to predict which claims will require litigation and attorney involvement. The company says it accomplishes that task with better than 80 percent accuracy. Charlee says it then delivers claim-level insights on the claims predicted to require litigation and prioritizes those claims before sending via API integration to ClaimDeck for mitigation and management of the settlement. ClaimDeck captures over 500 categories of data that contribute to the predictive analytics effort.
Dwayne Hermes, Co-Founder and CEO, ClaimDeck.
The company says it achieves double-digit percentage reduction in legal and indemnity spend and average case life. This end-to-end process helps reduce claims cycle time, produce better settlement insights, and reduce overall claims expenses, according to ClaimDeck statement.
“ClaimDeck and Charlee share many common goals and a passion for improving the claim process,” says Dwayne Hermes, co-founder and CEO, ClaimDeck. “Getting predicted claims into a litigation workflow management software, like ClaimDeck, streamlines the process early so staff or panel counsel can work on action plans to help mitigate them.”