(Image source: NSB homepage.)
National Service Bureau, Inc. (NSB) has implemented the subrogation platform of Gigaforce (Sunnyvale, Calif.) an InsurTech provider of a SaaS-based, blockchain-optimized, claims platform for subrogation.
Based in Seattle, Washington, NSB is a national collection agency which manages delinquent accounts receivable and provides collection services to help businesses in the insurance, assisted living, medical, commercial, and consumer finance segments collect on past due accounts. Throughout 2020, Dave Conyers, CEO, NSB, was on a mission to securely enhance the company’s subrogation and reporting capabilities to better meet the needs of clients and eventually selected Gigaforce for the platform’s subrogation-specificity and use of blockchain, according to a Gigaforce statement.
“One of our clients recommended we review the Gigaforce solution and assess how it could not only help us, but also our clients with subrogation and recovery,” Conyers says. “Since we implemented Gigaforce, we’ve been able to put it out there in the marketplace that we have this kind of functionality, and many carriers are now interested simply based on the use of blockchain. In addition to enhancing our subrogation capabilities, and advanced analytics we’re creating new customer or carrier interest just based on Gigaforce’s use of blockchain.”
Since the Gigaforce implementation, NSB reports that it has onboarded two new major clients, in large part because the company can now offer subrogation and reporting functionality that wasn’t previously possible. The Gigaforce implementation has also allowed NSB to improve processes to achieve greater flexibility and to further develop subrogation-specific KPIs which aid in more accurate reporting. For NSB, this translates into a significant decrease in the full-time employee (FTE) or man hours required to meet reporting requirements.
Enhanced Recovery, Security Compliance, Financial Audit Functionality
“The incorporation of blockchain into the Gigaforce platform was highly-intentional,” said Sanjeev Chaudhry, CEO, Gigaforce. “Blockchain enables full auditability and instantly secures all the data transferred between stakeholders in the subrogation process. We are pleased that NSB is not only enjoying the enhanced recovery, security compliance, financial audit functionality, but new customer recruiting benefits as well. We look forward to working together for years to come.”
Already in use with insurance organizations, law firms, and third-party adjusters (TPAs), the Gigaforce platform utilizes robotic process automation (RPA)-driven claims extraction and submission of arbitration for result-driven decisioning, and can be rapidly implemented and customized for significant improvements in the subrogation process, according to the vendor.