(Image source: ClaimVantage homepage.)
ClaimVantage (Dublin/Portland, Maine.), a provider of life, health, and absence management solutions, has partnered with The Claim Lab (Boston), a platform incorporating analytical and predictive modeling techniques to improve disability claim outcomes. The integration between the ClaimVantage Claims solution and The Claim Lab platform provides claim professionals with additional risk management capabilities. The information gathered at intake is scored based on several factors, with the claim score automatically generating before returning to the claim file, creating next-step actions for claim professionals to take. The vendors say that psychosocial assessments are also available to refine ongoing claims management.
“The Claim Lab is a market leader in their space, working with global insurance companies to improve their approach to strategic risk management,” comments Leo Corcoran, CEO, ClaimVantage. “Improving claim segmentation with data-driven insights is a key element of many of our insurance customer’s growth strategy, and we are pleased that we can support them in providing this key differentiator in the claims market.”
The companies explain the rationale of the partnership by noting that enhancing risk information systems and technology infrastructure was a high priority for 68 percent of respondents in the 11th edition of Deloitte’s Global Risk Management Survey, proving the demand for improved risk management is increasing. The real-time integration between the vendors’ platforms aims to allow claim professionals to assess scores for auto-adjudication opportunities and produces more accurate claim assignments, improving productivity and efficiency of claim management.
Automating as Little or as Much as Desired
The self-service workflow configuration of the claims platform lets each business to apply specific processes around automation opportunities. This allows businesses to automate as much or as little as they like, according to the vendors.
“Our approach is to allow claim managers to focus on the claims that need to be managed, and consider auto-adjudicating lower risk claims, where the claimant is likely to return to work,” comments Ian Bridgman, Executive Director, The Claim Lab. “Providing ClaimVantage customers with that insight directly within their claim management solution is a big move in the right direction, towards better claim outcomes.”