Charlee.ai , which provides cloud-based artificial intelligence (AI) solutions for property and casualty (P&C) insurers, has signed an alliance with ClaimDeck, a process-driven litigation management platform.
The partnership is aimed at developing an end-to-end insurance litigation management solution that will enable insurers to predict claims with the highest chances of litigation.
Charlee CEO Sri Ramaswamy said: “We live in an increasingly litigious society and claims costs already account for the bulk of the premium dollars insurance companies bring in.
“This partnership ensures insurers will be able to more accurately predict which claims have the highest likelihood of litigation to ensure settlement and it is, therefore, easier to proactively manage the process to mitigate soaring loss costs.”
After analysing all sources of data within the claim file, Charlee predicts the claims that will need litigation and attorney involvement. The company claims a better than 80% accuracy for its predictions.
The firm will then prioritise and send the claims through API integration to ClaimDeck for mitigation and management of the settlement.
ClaimDeck CEO and co-founder Dwayne Hermes noted: “Getting predicted claims into a litigation workflow management software, like ClaimDeck, streamlines the process early so staff or panel counsel can work on action plans to help mitigate them.”
ClaimDeck is said to capture more than 500 categories of data to enhance the predictive analytics effort. This process is also cut down claims cycle time and delivers better settlement insights while bringing down overall claims expenses.