Verisk Boosts Ecosystem, Adds Two Accelerators to Enhance Workers’ Compensation Claims in Guidewire ClaimCenter

Rhea-AI Summary

Verisk launches two new accelerators, wcPrism and wcNavigator, to streamline workers' compensation claims processing. wcPrism automates data extraction and reporting, while wcNavigator uses predictive analytics to manage high-severity claims.

Market Research Analyst

The introduction of wcPrism and wcNavigator by Verisk represents a significant advancement in the workers' compensation insurance sector. These tools are designed to address key pain points in claims processing: efficiency and accuracy. The automation of data extraction and conversion with wcPrism has the potential to reduce human error and expedite the compliance process. Meanwhile, wcNavigator's predictive analytics capability can lead to earlier detection of high-severity claims, which is crucial for managing costs and improving claim outcomes.

From a market perspective, these innovations could enhance Verisk's competitive edge in the data analytics and technology market, potentially increasing market share within the insurance industry. Insurers adopting these technologies may see a reduction in operational costs and improved customer satisfaction, which can translate into higher retention rates. For investors, this could mean a more attractive value proposition for Verisk's stock, as the company taps into the growing demand for tech-driven solutions in insurance.

Financial Analyst

The financial implications of Verisk's new accelerators are multifaceted. On one hand, the upfront costs associated with developing and integrating these technologies into existing systems could be substantial. However, the long-term benefits of streamlined claims processing could outweigh these initial investments. Insurers that implement these solutions may experience lower claims handling expenses and improved operational efficiencies, which can lead to margin expansion.

Moreover, the ability to accurately predict claim severity early in the process with wcNavigator could result in more effective reserve allocation and potentially lower the overall cost of claims. This proactive approach to claims management can lead to a healthier balance sheet for insurers and, by extension, create a positive ripple effect for Verisk's financial performance as the provider of these solutions.

Insurance Industry Expert

Within the insurance industry, the adoption of advanced analytics and automation technologies is becoming increasingly crucial. The launch of wcPrism and wcNavigator by Verisk is a testament to the industry's shift towards embracing digital transformation to tackle inefficiencies in claims management. The integration with Guidewire ClaimCenter is particularly noteworthy, as it suggests a seamless implementation process for insurers already using Guidewire's services.

By automating mandatory state-level reporting and utilizing predictive analytics for severity detection, Verisk is not only simplifying the claims process but also enabling insurers to meet regulatory compliance with greater ease. This could lead to a reduction in fines and penalties associated with non-compliance, further benefiting insurers' bottom lines. As insurers continually seek ways to leverage technology to gain a competitive advantage, Verisk's solutions could see widespread adoption, setting a new standard in claims processing within the industry.

JERSEY CITY, N.J., March 11, 2024 (GLOBE NEWSWIRE) -- Verisk, (Nasdaq: VRSK), a leading global data analytics and technology provider, has announced the launch of two new accelerators, wcPrism^® and wcNavigator^®, designed to streamline and enhance workers' compensation claims processing within Guidewire ClaimCenter. These innovative solutions aim to accelerate claims processes in the insurance industry by leveraging advanced analytics and automation to improve efficiency and accuracy in claims management.

How Verisk’s wcPrism works

The wcPrism accelerator offers a smarter and faster way to report mandatory state-level workers' compensation claims. By automating data extraction and conversion processes, the accelerator can help improve the accuracy and timeliness of workers’ compensation compliance by:

• Using a single comprehensive data feed to automate the generation of required data reports based on industry and state specific reporting requirements.
• Applying the same validations utilized by states and data collection organizations to facilitate timely and accurate reporting.

"wcPrism can make workers’ compensation claim reporting more efficient, accurate, and stress-free,” said Carrie Barr, president of casualty solutions at Verisk. “By automating the reporting process, our solution allows claims professionals to dedicate more time to managing claims and providing exceptional service to their clients.”

How wcNavigator works

Verisk’s second accelerator, wcNavigator, utilizes predictive analytics to detect and manage high-severity workers' compensation claims within Guidewire ClaimCenter. By accurately identifying claim severity as early as the first notice of injury, wcNavigator enables adjusters and claims managers to proactively address potential issues and allocate resources effectively. This advanced solution can help improve claims outcomes by:

• Accurately assessing claims severity from first notice of loss.
• Providing alerts for changes in treatment and proactively monitoring prescribed medications.

Barr further explained the significance of wcNavigator, stating, "Claimants and insurers benefit from the faster severity detection which is vital to enabling workers’ compensation cases to be managed better. With wcNavigator, adjusters can make informed decisions earlier in the claims process, leading to improved outcomes and reduced costs."

“We are excited to have wcPrism and wcNavigator available on the Guidewire Marketplace, to provide insurers with seamless integration and easy access to these cutting-edge solutions,” said Will Murphy, vice president, global technology alliances, Guidewire. “Guidewire supports Verisk's commitment to innovation and collaboration to help drive advancements in the workers' compensation industry, empowering insurers to optimize claims processing and deliver exceptional service to their policyholders.”

More than 30 Verisk solutions are available on Guidewire Marketplace to help insurers complete processes from underwriting to renewal with reliable, claims-driven, component-based estimates that account for virtually all material and labor required to rebuild structures.

###

About Verisk 
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, ESG and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.

What are the names of the new accelerators launched by Verisk?

Verisk has launched two new accelerators, wcPrism and wcNavigator.

How does wcPrism aim to improve workers' compensation claims processing?

wcPrism automates data extraction and conversion processes to improve accuracy and timeliness of claims reporting.

What is the purpose of wcNavigator?

wcNavigator utilizes predictive analytics to detect and manage high-severity workers' compensation claims within Guidewire ClaimCenter.

Who stated that wcPrism can make workers’ compensation claim reporting more efficient and accurate?

Carrie Barr, president of casualty solutions at Verisk, stated that wcPrism can make workers’ compensation claim reporting more efficient and accurate.

How does wcNavigator help improve claims outcomes?

wcNavigator accurately assesses claims severity from the first notice of loss and provides alerts for changes in treatment, leading to improved outcomes and reduced costs.