(Image source: Gigaforce.)
Gigaforce, an InsurTech provider of a SaaS-based, blockchain-optimized, claims platform, has named Kevin May Chief Strategy Officer.
May has over 30 years of insurance industry experience specific to claims and subrogation. A Gigaforce statement says he will not only help direct new feature and functionality development for the Gigaforce platform, but also solidify the company’s continuing go-to-market strategy and identification of additional applications for the Gigaforce platform beyond subrogation.
“We are moving fast to meet industry needs and are pleased to have been selected as part of the Plug And Play Batch 11,”comments Sanjeev Chaudhry, CEO, Gigaforce. “It’s recognition like this that made us realize we had a need for a more focused executive strategy position immediately, and Kevin has a broad perspective on the industry which is already delivering valuable insights.”
Most recently, May served as VP, product innovation and subrogation for Verisk Claims. Prior to Verisk, he led Amali Solutions Group, LLC, Reclaim Software Solutions, and Acclaim Resource Partners, the latter two dedicated to creating targeted solutions to reduce transactional costs of subrogation payment processing and increasing insurer revenues by providing superior service to their policyholders. May also volunteers extensively, serving six years as an executive board member for the National Association of Subrogation Professionals (NASP), and serving as a mentor with the Global Insurance Accelerator (GIA) since 2017.
Potential to Improve the Claims Process
“There is so much potential for improvement in the claims process,” May comments. “Blockchain is capable of introducing new levels of transparency and connectivity into subrogation, in particular, but there are many more applications for distributed ledge technology (DLT) in insurance. I’m very impressed with the Gigaforce platform and company culture, and I’m looking forward to seeing the improvements we can make in the industry going forward.”
Already in use with insurance organizations, law firms, and third-party adjusters (TPAs), the SaaS-based Gigaforce platform securely integrates all data, documents, and processes in one place, thus providing a single source of truth and smart contract execution with complete visibility, according to the vendor statement. Gigaforce describes its solution as combining heterogeneous data, artificial intelligence (AI)-driven predictive models, specialized expertise, and customized services to create a next-generation subrogation solution that is right for any insurance organization. The Gigaforce platform increases efficiency and reduces cycle time through digital workflow and mobile technology, while improving business efficiency with machine learning (ML)-automated document redaction of protected health information (PHI) and personally-identifiable information (PII), the vendor says.
At the InsurTech Connect show in Las Vegas (October 4-6, 2021), Gigaforce will be exhibiting at Kiosk #K31 in the Innovation Alley as part of the InsurTech NY presence.
Looking Forward to InsureTech Connect 2021 with Caribou Honig