(Claimatic officers CEO Larry Cochran; Liz Simmons, VP, Customer Success & Operations; Tim Christ, VP, Growth; and Michael Cronin, VP, Software Development. Source: Claimatic.)
Claimatic, a San Antonio-based provider of automated claims solutions, announced that the United States Patent and Trademark Office (USPTO) has granted a patent for the company’s intelligent decisioning software designed to automatically triage, route and assign thousands of claims in seconds. Patent No. 11,151,658 is the invention of the first patented claims triage and assignment technology capable of leveraging real-time, dynamic geo-location of field resources, according to a Claimatic statement.
Claimatic characterizes the patent issuance as validating the level of innovation the vendor’s proprietary software delivers through intelligent insurance claims decisioning, routing and resource management used by both top-tier traditional insurance firms and digitally disruptive carriers.
“This patent is further proof of Claimatic’s commitment to the optimization and streamlining of insurance claim processing,” comments Larry Cochran, Founder and CEO, Claimatic. “The insurance industry is a minefield of complexities that we strive to simplify through the integration of industry expertise and technology. We are constantly working to develop new solutions that enable our clients to serve their customers more efficiently.”
Claimatic says that the invention uses an algorithmic software system that triages the insurance claims intake details to determine severity, perils, location, and other attributes. The software then uses collected data to identify optimal internal and external resources and vendors to apply to each claim based on location, availability, licensing, severity, complexity and other data elements. In just seconds, the algorithm considers millions of different permutations helping carriers drastically increase operational speed, according to Claimatic.
Claimatic reports that it has made a significant financial investment into the research and development of this intelligent claims triage and assignment system in an effort to further innovate an intricate system of claim reviews. The vendor says the newly issued patent further reinforces its commitment to developing highly sophisticated, intelligent technologies to enhance insurance claims platforms and accommodate the industry’s real-world operational challenges.