Verisk Launches Generative AI Tool To Support Faster Insurance Claim Processing

Author: Benzinga Newsdesk | February 08, 2024 09:00am

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."

Posted In: VRSK