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Verisk Launches Generative AI Tool to Support Faster Insurance Claim Processing

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Verisk, a leading global data analytics and technology provider, has announced the launch of an automated generative artificial intelligence (generative AI) record summary capability in Discovery Navigator. The new feature is designed to simplify and accelerate the claims settlement process, allowing claims professionals to achieve efficient and accurate resolutions faster than ever before. With up to 90% faster than manual record review and up to 95% accuracy rates, the platform aims to empower claims handlers to settle claims more efficiently. The new auto-summary feature is built using Amazon Bedrock, a fully managed service from Amazon Web Services (AWS) that makes foundation models (FMs) from leading AI companies accessible via an API to build and scale generative AI applications. Verisk is focused on developing ethical and responsible generative AI, ensuring human oversight and facilitating transparency consistent with its ethical AI-related principles and governance practices.
Positive
  • Discovery Navigator's auto-summary feature aims to simplify and accelerate the claims settlement process, achieving efficient and accurate resolutions faster than ever before.
  • Verisk is at the forefront of leveraging generative AI in the insurance industry to enhance operational efficiency, productivity, and profitability.
  • The platform is up to 90% faster than manual record review with up to 95% accuracy rates, empowering claims handlers to settle claims more efficiently.
Negative
  • There are no negative aspects identified in the press release.

In the insurance industry, the introduction of generative AI into the claims handling process represents a significant technological advancement with the potential to disrupt traditional methods. The use of Amazon Bedrock to implement generative AI in Verisk's Discovery Navigator could be a game-changer for property and casualty insurers. The platform's ability to auto-generate summaries at a high accuracy rate addresses two critical industry pain points: efficiency and cost. By reducing the time spent on manual record reviews, claims handlers can allocate more time to complex cases, potentially decreasing operational costs and enhancing customer satisfaction through quicker settlement times.

However, while the promise of up to 90% faster processing and 95% accuracy rates is impressive, it's essential to monitor the real-world application of this technology. Claims handling involves nuanced decision-making and the technology's ability to handle edge cases without human intervention will be crucial. Moreover, the impact on employment within the industry should be considered, as increased automation could lead to a reduced need for skilled claims handlers over time.

Verisk's commitment to the ethical and responsible use of AI is noteworthy, especially as concerns around AI ethics and governance grow. The deployment of generative AI in sensitive areas like claims handling necessitates stringent privacy and security controls, as well as human oversight. While Verisk's adherence to ethical AI principles is commendable, stakeholders should seek transparency regarding how these principles are operationalized. The balance between automation benefits and ethical considerations will be an ongoing conversation, particularly around data privacy and the potential for AI bias in decision-making processes.

From a financial perspective, Verisk's innovative use of generative AI has the potential to improve profitability for insurers by reducing claim leakage and optimizing resource allocation. The efficiency gains from the new auto-summary feature could translate into a competitive advantage for Verisk's clients, potentially leading to market share growth and improved bottom lines. Investors should watch for performance metrics post-implementation to gauge the financial impact of this technology. It will be important to assess whether the efficiency gains translate to measurable cost savings and if these savings are reinvested into the company or passed on to customers and shareholders.

By quickly and accurately summarizing bodily injury claim information, Verisk’s Discovery Navigator is built to reduce settlement times, help insurers optimize resources, and improve profitability

JERSEY CITY, N.J., Feb. 08, 2024 (GLOBE NEWSWIRE) -- Verisk, (Nasdaq: VRSK), a leading global data analytics and technology provider, has announced the launch of an automated generative artificial intelligence (generative AI) record summary capability in Discovery Navigator, one of the leading medical record review platforms for property and casualty claims professionals. The Discovery Navigator platform has already proven to be up to 90% faster than manual record review with up to 95% accuracy rates, allowing claims handlers to compile record summaries in a fraction of the time. The new generative AI auto-summary feature is designed to further simplify and accelerate the claims settlement process, allowing claims professionals to achieve efficient and accurate resolutions faster than ever before.

Discovery Navigator’s new auto-summary is built using Amazon Bedrock, a fully managed service from Amazon Web Services (AWS) that makes foundation models (FMs) from leading AI companies accessible via an API to build and scale generative AI applications. The auto-summary feature is designed to empower claims handlers of all skill levels to settle claims more efficiently. By automating the extraction and organization of key treatment data and medical information into a succinct summary, claims handlers can now identify and organize important bodily injury claims data faster than ever before, helping to facilitate more expedient settlements for their customers.

"In an era of a shrinking skilled workforce and rising costs in claims handling, generative AI isn't a luxury, it's a lifeline,” said Maroun Mourad, president, Verisk Claims Solutions. “Discovery Navigator’s new auto-summary will empower our customers to do more with less, unlocking new efficiencies that fuel continued growth."

How Discovery Navigator is built to boost insurers’ performance

With Discovery Navigator’s ability to auto-generate summaries, property and casualty insurance claims professionals gain access to key medical treatment data even faster, empowering them to focus on higher-value tasks and improving overall productivity and efficiency. Furthermore, the efficiency enhancements of Discovery Navigator’s auto-summary could support more strategic resource allocation, allowing claims handlers to focus their efforts on more complex tasks and other aspects of the settlement process. This, in turn, may lead to a significant reduction in claim leakage and help ensure resources are deployed where they will have the greatest impact.

Verisk is focused on developing ethical and responsible generative AI

Verisk is at the forefront of leveraging leading and emerging technologies, such as generative AI, in the insurance industry to enhance its clients’ operational efficiency, productivity and profitability. The company’s generative AI-powered solutions and applications remain rooted in its commitment to the ethical and responsible use of AI. These tools are developed with appropriate privacy and security controls, ensuring human oversight and facilitating transparency consistent with its ethical AI-related principles and governance practices.

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.


Verisk's ticker symbol is VRSK.

The feature aims to simplify and accelerate the claims settlement process, allowing claims professionals to achieve efficient and accurate resolutions faster than ever before.

The new feature is built using Amazon Bedrock, a fully managed service from Amazon Web Services (AWS) that makes foundation models (FMs) from leading AI companies accessible via an API to build and scale generative AI applications.

Verisk is focused on developing ethical and responsible generative AI, ensuring human oversight and facilitating transparency consistent with its ethical AI-related principles and governance practices.
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verisk analytics (nasdaq:vrsk) is a leading data analytics provider serving customers in insurance, energy, healthcare, financial services, government, and risk management. using advanced technologies to collect and analyze billions of records, verisk analytics draws on vast industry expertise and unique proprietary data sets to provide predictive analytics and decision support solutions in fraud prevention, actuarial science, insurance coverages, fire protection, catastrophe and weather risk, data management, and many other fields. in the united states and around the world, verisk analytics helps customers protect people, property, and financial assets. for more information, visit www.verisk.com.