EIS Launches ClaimSmart to Boost Efficiency and Reduce Claims Cost

Leveraging AI and machine learning, ClaimSmart enables insurers to dramatically reduce the cost of claims, while significantly improving customer experience.

(Image source: EIS.)

EIS (San Francisco), a SaaS platform provider to the insurance industry, has announced the launch of ClaimSmart, an intelligent cloud solution. Leveraging the power of artificial intelligence (AI) and machine learning (ML), ClaimSmart enables insurers to dramatically reduce the cost of claims, while significantly increasing the quality of the customer experience, according to a vendor statement.

EIS says that ClaimSmart drives down loss costs by addressing key inefficiencies and waste drivers, such as redundant manual work, fraudulent claims, and claims leakage. In addition, its unified digital front-end portal ensures insurers can deliver fully digital customer experiences that prioritize self-service, cut friction, and make the full life-cycle more consumer-friendly and flexible, according to the vendor.

ClaimSmart includes two products, ClaimPulse and ClaimGuard.  ClaimPulse introduces a new level of efficiency and technological sophistication utilizing digital first notice of loss (Digital FNOL), an automated claims processing layer, and integrated front-end digital portal, the vendor says. ClaimGuard is an AI and ML solution specializing in fraud detection and risk scoring that enhances the security and integrity of the claims process and improves over time as it processes more claims, according to EIS.

“We’re proud to be one of ClaimSmart’s first users,” comments Atsushi Wada, Claim Dept. Team Manager, Tokio Marine & Nichido Fire. “It’s helping to revolutionize our claims management process for both customers and employees. Inefficient and costly systems and processes have been transformed, delivering faster resolutions, increased customer satisfaction, and large-scale operational savings.”

EIS characterizes the launch of ClaimSmart as a significant leap forward for the company and an advancement in its expertise in data science. “It lays the groundwork for a comprehensive Data Science [DS] suite of solutions, enhancing automation and efficiency across the insurance sector,” an EIS statement says. “The integration of DS methodologies is pivotal in developing algorithms that can analyze patterns, make predictions, and ultimately drive smarter, more efficient operations in the insurance industry.

Alec Miloslavsky, CEO, EIS.

“Claims platforms are in desperate need of transformation,” comments Alec Miloslavsky, CEO, EIS. “They’re bogged down by manual tasks and ineffective processes that not only drive-up costs but also degrade customer experiences. In response, we’ve developed ClaimSmart to address these challenges head-on.”

“Engineered to streamline operational tasks, ClaimSmart significantly alleviates tedious administration and enhances the digital front-end experience for customers,” Miloslavsky continues. “It ensures rapid processing of legitimate claims while minimizing claim leakage and the risk of fraud. This is a crucial expansion to our offerings, integrating ML and AI to enhance our platform’s capabilities and deliver a comprehensive end-to-end claim management solution.”

Data Fluidity, Intelligence, and Extensibility

EIS describes ClaimSmart as core-agnostic, allowing it to integrate seamlessly with most policy and claims management systems. When paired with ClaimCore, EIS existing claims system, ClaimSmart’s combined capabilities offer a holistic solution that accelerates claim resolution and delivers a customized and seamless experience for insurers and policyholders, the vendor says.

“With ClaimSmart, we’re embracing the transformative potential of data science to revolutionize insurance claims management,” Miloslavsky adds. “Our commitment to data fluidity, intelligence, and extensibility is crucial as we assist insurers in building their future ecosystems. This vision has been recognized by industry experts, such as Celent, who have named our Claims Platform a 2024 Tech Standout. As we continue to evolve our platform and collaborate with various InsurTechs, our goal remains to deliver the best possible claims management outcomes, setting new standards in the industry.”

AI, GenAI: What’s Ahead for the Insurance Industry?

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

Leave a Comment