Verisk Expands Ecosystem Adding Section 111 Reporting Platform to Duck Creek Content Exchange
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The integration of Verisk's MSP Navigator into Duck Creek's Content Exchange signifies a strategic move towards enhancing operational efficiency within the insurance industry. This collaboration is poised to streamline the mandatory Section 111 reporting process for casualty insurers. The advanced reporting and analytical capabilities of MSP Navigator could potentially lead to a competitive advantage for insurers who adopt this technology, as it promises high accuracy and compliance with regulatory requirements.
From a market perspective, this development is likely to be viewed positively by investors, as it demonstrates Verisk's commitment to innovation and maintaining its status as a leading data analytics provider. The reported 99.9 percent error-free rate in claims reporting reflects a high standard of data integrity, which is crucial for insurers to avoid civil monetary penalties. This level of accuracy can translate into cost savings and risk mitigation for insurers, ultimately impacting their bottom line and possibly influencing their stock performance positively.
The finalized Section 111 penalties that are set to take effect in 2024 underscore the importance of compliance within the healthcare insurance sector. Verisk's MSP Navigator addresses this critical need by providing a solution that simplifies the identification of Medicare beneficiaries and ensures accurate reporting. The integration with ISO ClaimSearch® and API integrations with leading claims systems further bolsters the robustness of the compliance mechanism.
For insurers, the legal implications of non-compliance are significant, with the potential for substantial civil monetary penalties. By offering a solution that minimizes the risk of such penalties, Verisk is providing a valuable service that supports insurers in navigating the complex legal landscape of Medicare reporting requirements. This could help insurers maintain their reputations and avoid costly legal entanglements, which is an essential consideration for stakeholders when evaluating the risk profile of insurance companies.
The financial implications of Verisk's MSP Navigator for the insurance industry are multifaceted. By reducing the error rate in Section 111 reporting to near zero, insurers can avoid the financial repercussions associated with non-compliance. This efficiency gain is not only a direct cost saver but also enhances insurers' long-term financial stability by mitigating the risk of incurring penalties.
Furthermore, the operational efficiencies gained from utilizing MSP Navigator could lead to reduced administrative costs and streamlined workflows, which can be a boon for insurers' operating margins. For investors, these factors are important indicators of a company's potential for sustainable profitability and growth. The partnership between Verisk and Duck Creek Technologies also suggests a strategic alignment that could lead to further innovation and market expansion, potentially impacting Verisk's revenue streams and stock valuation positively.
JERSEY CITY, Jan. 18, 2024 (GLOBE NEWSWIRE) -- Verisk, (Nasdaq: VRSK), a leading global data analytics and technology provider, announced MSP Navigator is the latest Verisk product to be made available on Duck Creek’s Content Exchange. MSP Navigator provides casualty insurers with an efficient solution for Section 111 reporting, and they can benefit from the advanced automated reporting and analytical capabilities of the platform, facilitating compliance and avoiding civil monetary penalties.
Verisk’s proprietary platform offers a simple, effective method to identify Medicare beneficiaries for timely and accurate reporting of ongoing responsibility for medical treatment, settlements, judgments, awards, or other payments to the Centers for Medicare & Medicaid Services (CMS) as required by Section 111 of the Medicaid & Medicare SCHIP Extension Act of 2007.
“Verisk's MSP Navigator helps casualty insurers meet the ever-changing landscape of Section 111 reporting,” said Mark Popolizio, vice president of MSP compliance, casualty solutions at Verisk. “This is a highly accurate Section 111 reporting solution supported by our team of legal and medical experts. The solution not only reports data but also provides CMS compliance analytics, and it’s integrated with ISO ClaimSearch® as well as API integrations with many of the leading claims systems.”
How MSP Navigator supports compliance and offers rich analytics
Section 111 is a time-consuming and costly activity, with large penalties for late or inaccurate reporting. With MSP Navigator, insurers can focus on timely reporting with minimal errors. In fact, 99.9 percent of claims reported to CMS through MSP Navigator contained zero errors, based on 2022 data from nearly 4,000 Responsible Reporting Entities (RREs) and 1.4 million claims reported.
The platform offers advanced reporting and analytical capabilities, providing insurers with data-driven insights. This is especially critical with the announcement of the finalized Section 111 penalties going into effect in 2024.
"Duck Creek is thrilled with the addition of MSP Navigator and our rapidly growing number of integrations with Verisk available on our Content Exchange,” says Oliver Werneyer, vice president of product strategy, Duck Creek Technologies. “By utilizing this new accelerator, our customers will be empowered with a more simplified and modernized claims experience that leads to greater accuracy, operational efficiency, and cost savings.”
"We're excited to expand the integration of Verisk solutions in Duck Creek's Content Exchange with the addition of MSP Navigator. This collaboration will enhance the ease of use and integration for Duck Creek customers, enabling them to streamline their Section 111 reporting process and avoid costly noncompliance penalties," said Maroun Mourad, president of claims solutions at Verisk.
Duck Creek customers can currently access a wide range of Verisk tools through the Content Exchange, including detailed information on the relative risk of vehicles, the replacement costs for specific homes, and robust telematics data from consenting drivers for usage-based insurance programs.
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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.
About Duck Creek Technologies
Duck Creek Technologies is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and Twitter
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