Verisk, a global data analytics and technology provider, has introduced an automated generative artificial intelligence (generative AI) record summary capability in its Discovery Navigator platform.
Aimed at property and casualty claims professionals, this feature is set to revolutionise the medical record review process.
Discovery Navigator has already established itself as a game-changer, boasting speeds up to 90% faster than manual review, coupled with accuracy rates reaching up to 95%.
This unparalleled efficiency has empowered claims handlers to compile record summaries in a fraction of the time, expediting the claims settlement process significantly.
The new generative AI auto-summary feature, developed using Amazon Bedrock, a service by Amazon Web Services (AWS), further streamlines and accelerates claims resolution.
By automating the extraction and organisation of vital treatment data and medical information into concise summaries, claims handlers can now navigate and organise crucial bodily injury claims data faster than ever, leading to expedient settlements for clients.
Maroun Mourad, President of Verisk Claims Solutions, emphasised the critical role of generative AI, stating, “In an era of a shrinking skilled workforce and rising costs in claims handling, generative AI isn’t a luxury, it’s a lifeline.”
Discovery Navigator’s auto-summary feature is poised to boost insurers’ performance significantly. With faster access to key medical treatment data, professionals can redirect their focus towards higher-value tasks, enhancing productivity and efficiency.
Moreover, this efficiency enhancement could pave the way for more strategic resource allocation, reducing claim leakage and ensuring optimal resource utilisation.
Verisk remains committed to ethical and responsible AI practices. Their generative AI-powered solutions prioritise privacy and security controls, incorporate human oversight, and uphold transparency, aligning with the company’s ethical AI-related principles and governance practices.
