Frequently Asked Questions
What Are Claims Predictive Analytics?
Claims Predictive Analytics is the science of analyzing patterns, correspondences, and irregularities in large quantities of claims data in order to predict claims outcomes.
How Do Predictive Analytics For Insurance Claims Help?
Settlements vs. Litigation: understand what claims should be disputed or settled by evaluating the likelihood of success for your case and the expected quantum granted to create cost-effective strategies for closing a claim.
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Optimize Payouts: anticipate your costs and get the right preparation for difficult cases while saving on mock trials expenses, other legal fees, and increasing your confidence against aggressive plaintiffs.
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Anticipate Devastating Verdicts: detect early on latent outlying cases and protect your company from devastating verdicts while exploring the influence of specific litigation micro-variables such as venues, judges, jury compositions, attorneys, and experts to mitigate social inflation.
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Obtain a High Return on Investment: insurance carriers, law firms, legal funds, and corporations reduce their loss ratio up to 10 points over time through optimized payouts, reduced legal spending, lowered litigation rates, and eliminated devastating verdicts.
Where Does Your Data Come From?
Our predictions come from a combination of public and private claims litigation data.
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We never communicate any client data: ethically we are fully committed to data privacy and technically our databases are securely hosted in the US by the most powerful service providers. These standards were recently affirmed by our Soc 2 Type II Certification.
Who Is This Software Meant For?
Our product is designed for insurance carriers and attorneys, whether claimant or defense, involved in insurance claims. It streamlines the process with common benchmarks, advanced data analytics, reporting tools, and communication features, all with real-time updates. By meeting the needs of both parties, our product improves efficiency, reduces costs, and leads to fairer, better outcomes.
Can Your Software Replace Adjusters?
Our product is designed to assist adjusters in their work, not replace them. It provides them with real-time updates on the status of claims, enabling them to stay on top of their workload and make informed decisions based on the latest information. Our tool also offers advanced analytics and reporting tools, allowing adjusters to identify trends and patterns that can inform their decision-making process.
How Early In A Claim Can You Offer Predictions? What’s Your Role At Other Stages of the Claim’s Lifecycle?
Our product is a versatile tool that can be used at all stages of the claim’s process, from the first notice of loss to litigation. This means that insurance carriers and attorneys can use our tool to streamline and manage the entire lifecycle of a claim.
During the initial stages of a claim, our tool provides early prediction features that allow carriers and attorneys to quickly and efficiently assess the severity of a claim. This helps to expedite the claims process and ensure that all necessary actions are taken right from the start.
As the claim progresses, our tool offers real-time updates to the estimates, allowing carriers and attorneys to stay informed and make informed decisions based on the latest information. Our product also offers data analytics and reporting tools that can help identify trends and patterns, providing insight and attracting management eyesight as needed
If a claim does go to litigation, our tool can also be used to manage the litigation process, including identifying the right counsel, experts and strategy.
How Accurate Is Your Award Prediction? How Do You Test For The Accuracy Of Your Prediction?
We set an internal benchmark of at least 85% accuracy at all stages of our work (information extraction as well as algorithms construction). All of our predictive algorithms are cross-validated against test samples as well as manually by our insurance and legal experts.
Do You Share Data Across Users?
Data itself is never shared between users. However, the knowledge gained from this data, embedded in the algorithms, is shared across users.
How Is Client Data Transferred? How Do You Keep Client Data Safe?
We offer a variety of secured means to transfer data. We are SOC2 TYPE II compliant, ensuring the highest-level of security to your data.
How Do You Update Our Data? How Often Do You Update Our Data?
Our dataset is continuously updated with the newly closed claims of our current users as well as with the new databases from our new users. Additionally, we are always on the lookout for new public datasets.