(Image source: Safekeep homepage.)
Safekeep, a New York-based InsurTech that uses AI to maximize net recovery through its Claims Profitability Platform, has announced a partnership with Duck Creek Technologies (Boston). Through the partnership, an integration between Safekeep and Duck Creek Claims will give insurers the ability to detect and score subrogation opportunities, as well as streamline the subrogation referral and investigation processes as early as First Notice of Loss, according to a Safekeep statement.
The partnership aims to enhance subrogation referral quality, both in speed and potential, prevent leakage resulting in missed opportunities, and improve claims handlers’ efficiency and capacity.
“Safekeep is proud to partner with Duck Creek to offer intelligent claims mining capabilities to P&C insurers,” comments Jeff To, founder and CEO, Safekeep. “We are excited to deliver meaningful impact on combined ratios through best-in-class recovery, subrogation, and salvage. Duck Creek offers the flexible platform on which we could rapidly get insurers up and running to unlock profit potential in their structured and unstructured claims data.”
ML and NLP for Automated Claims Ingestion
Safekeep reports that it has partnered with global top-tier commercial lines carriers and InsurTechs across all segments and lines of business. The company says it leverages proprietary machine learning models as well as patented semantic search capable natural language processing, entity resolution, and statutory rules-based automation to ingest claims files and drive profitability. Safekeep pitches its ability to identify the true extent of subrogable opportunity, automate the end-to-end recovery workflow, and increase dollar net recoveries, thereby reducing costs and improving loss-ratios. Safekeep is also able to pursue recoveries on a carrier’s behalf.
“To help insurers improve their combined ratios with automated solutions, it is critical to align with partners that employ the most modern technologies,” said Elizabeth Del Ferro, VP, Partner GTM, Duck Creek Technologies. “Safekeep’s proprietary solutions make them an excellent choice for insurers of all sizes in all lines of business, and Duck Creek is happy to welcome them into our rapidly-growing partner ecosystem.”