InsurTech Delivers for Claims Faster and Better Than Ever Before!
Having been on the forefront of InsurTech innovation as an early disruptor of insurance claims, I am able to step back now and look at how claims innovation has progressed and learn from real case study results that define the value of innovation. Specific to technology that can deliver BIG wins for claim settlements, a few disruptions come to mind that are akin to the impactful and unprecedented results that Care Bridge International delivers each day to its clients.
1. Accident Data: With the availability of telematics, dash cams and surveillance photos/ videos, it is easier than ever to gain an understanding of the exact mechanics of auto accidents. The aggregate of measurable accident data available in event recorders and other data sources can deliver a 360-degree re-enactment of an accident. This kind of transparency can explain, with greater accuracy than eyewitness reports, the extent of vehicular damage, bodily injuries and the exact role of each involved party leading up to, during and post-accident. Accident data is being used to make liability, damages, and coverage determinations. The results often mitigate the filing of a claim by the parties or reduce and mitigate claim disputes or even assist in expediting damages assessments to resolve, pay, and close claims much faster.
2. Personal Data: A lot of personal data is available today on surveillance recorders, social media, wearable devices, dashcams, bodycams and metadata. Such data can be used to validate the whereabouts, timing, and physical health of an individual. In the world of “Internet of Things” (IOT) such data may be used to corroborate a claimant’s self-report of a work accident and resulting physical limitations. In litigation, this type of transparency can be used to expedite claim decisions pertaining to coverage, damages, and medical management.
3. Claims Data: While harnessing claims data is not an easy task for most claim environments, even the fewest and smallest data points can be used to solve BIG data problems.
At Care Bridge International, we leverage PEOPLE, PROCESS and TECHNOLOGY, including a massive data base of over 16 million workers compensation claims to forecast medical treatment and costs for medical reserves, Life Care Plans for litigation and an Enterprise Risk Medicare Secondary Payer program. Just like the above use cases involving accident and/ or personal data, our approach enables claim organizations to manage and settle claims easier and faster than ever before!
Through our proprietary BridgeIT platform, we leverage smart data and intelligent digital workflows to not only provide clarity and insight to our customers around their claims data, but also provide our own clinicians/staff with intelligent tools that enable us to take a proactive approach with our customers and their needs.
Our results streamline claim processes and deliver greater accuracy, consistency and dashboard transparency into individual claims and an aggregate of claims. This degree of data transparency improves overall claim and risk management. Our results save our clients 70% or more! We have produced over 2500 Medicare Set Asides (MSAs) and our MSAs are approved by CMS at less than half the industry average. Our results stand the test of legal challenge. In the words of Attorney Craig Pelini, “It’s hard to cross-examine science”!
When you receive a medical valuation from Care Bridge International, you are not getting a valuation based on an unproven methodology or the subjective medical review of an individual person, you receive a result based upon thousands of similar claims, displaying the most probable pattern of care and treatment, plus a measure of the probability of a surgical procedure or duration of treatment involving medications. Our people use advanced technology to deliver the fastest and most accurate medical valuations in the marketplace with concierge service.
It is 2021, the pressures of our current, economic times require that companies re-assess operational costs and adopt strategies to improve customer service delivery, enhance workforce productivity and claim outcomes more than ever before and InsurTech solutions offer the tools necessary to deliver. As you embrace this new year with its challenges and opportunities, Care Bridge International’s actuary endorsed platform can help you achieve your claim goals.
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