Business Insurance, U.S. Insurance Awards Night
March 21, 2019
The Business Insurance Awards night held in New York City on March 21, 2019, was a night to remember for many organizations who have worked hard to bring more value, innovation, and heart to the Property and Casualty Insurance Industry.
The opulent setting at 583 Park in Manhattan set the stage for honoring individuals and companies making a difference in 2018. As the Founder and CEO of Care Bridge International, I took my seat along side our Co-Founder and Chief Analytics Officer, Jim Paugh, at Table number 15, following a jovial cocktail hour. We were entertained by a local comedian between awards, creating a relaxed and engaging atmosphere. We were excitedly awaiting the moment for Gavin Souter, Editor, Business Insurance, to announce the winners of the 2018 Business Insurance Innovation Awards, an honor bestowed upon a short list of applicants, chosen by a panel of experienced, respected, independent risk managers.
Rising to accept a beautifully-engraved glass sculpture, I was reminded of the size of the immense hall and its hundreds of attendees and my mind flashed back to the intense, steady work that has been done to make Care Bridge International a reality since 2015. Following a few diligent years of research and development, our proof of concept became a reality. Care Bridge International is an InsurTech company, setting a new standard in forecasting medical care and treatment for claims. Our small, but talented employee base has spent countless hours in the development and testing of our predictive models. Based upon the largest independent medical claims data base in the property and casualty industry, the company hosts over 14 million unique claims, spanning 5-16 years of medical treatment. The sheer size of our database has allowed our company to develop future care analysis at a high level of probability, actuary reviewed and approved in 2017.
We first released our SaaS platform for AI Medicare Set Asides (MSAs) in mid-2016, delivering objective, reliable MSA reports in minutes, instead of days or weeks. That was followed by the release of an AI medical reserve forecast in 2018. For those early adopters who have chosen to pilot and use our products, there is a confidence in the accuracy of the results, which both surprise and defy traditional logic held by claim examiners and managers. Our outcomes deliver that Aha! moment that only big data science can provide, that challenges assumptions and makes us better! The “robot” doesn’t steal jobs, it enhances the claim process, delivering greater efficiency, transparency, and risk protection. Never has it been possible to generate a cost projection or MSA in real time during settlement negotiations. Never, has an accurate medical reserve been calculated in literally minutes, with dashboard transparency for claims decision-making.
The life of an entrepreneur is a pioneering, problem-solving, dragon-slaying challenge. Founder exhaustion, balancing cash flow, encouraging the team, sharing vision, deflecting the apathy that has settled in some companies, yet pushing through the barriers to usher in the future, is sheer perseverance. But this night, like a dream, recognizes a new and better way to forecast medical exposure for claims, is here. The future is now.
As our growth accelerates in 2019, I wish to express my deepest appreciation to Business Insurance, its independent panel of risk managers, my supportive husband, and my A+ enthusiastic team at Care Bridge International, who have never stopped believing. I hope you feel proud too.