FastTrack, a provider of automated risk management services tailor made for life and disability insurance claims operations, announced its new product offering to assist life and disability carriers called PTD Auto-Recertification Solution.
FastTrack has designed the PTD Auto-Recertification Solution so carriers can take advantage of digitized claimant statements with trigger questions and low-code/no-code implementation processes, requiring minimal to no IT Support for the implementation process from carriers. By providing basic personal and disability information, FastTrack can quickly transition from implementation to production mode within weeks.
Once operational, FastTrack’s digital automation technology aims to eliminate the need for the carriers’ claims examiners to be active in managing a PTD claim unless a change in the current adjudication decision is required. When a claim adjudication decision change is identified, with pre-defined carrier business rules, FastTrack’s technology can activate auto-adjudication within the PTD Auto-Recertification Solution.
American Claims Management, a national third-party claims administrator, has launched an InsurTech tool to screen for subrogation opportunities hidden inside claims files. The new tool, called SubroNet, uses artificial intelligence to find clues in claims adjusters’ notes and other documentation.
SubroNet is available to carrier clients and self-insured clients of American Claims Management, which is active in workers’ compensation, auto, general liability, professional liability, property, and earthquake lines of business.
Subrogation is used across numerous lines of insurance to seek remuneration from outside parties that are responsible for all or part of an insured loss that leads to a claim. Successful subrogation cases can result in loss-cost savings for carriers and self-insured entities.
SubroNet incorporates natural language processing coupled with a machine-learning algorithm. American Claims Management used the language processing element to identify a set of keywords common to successful subrogation cases. The new InsurTech tool works by taking those keywords and comparing them with a loss description from an adjuster or a customer service representative. The subrogation tool then grades each subrogation opportunity as low, medium, or high.
Policygenius announced the launch of Policygenius Pro, a partnerships platform that helps independent agents and financial advisors streamline life insurance sales.
Policygenius is a tech-enabled platform for insurance shopping and fulfillment, with a marketplace of insurers across life, disability, and home and auto insurance.
With this program, the company will provide its insurance platform to financial advisors, independent agents, community banks, credit unions, and more, with the goal of helping partners’ clients get the insurance coverage they need. Partners receive access to a variety of insurers, coverage types, and policy options, including accelerated underwriting offerings exclusively available on the Policygenius platform. Partners also receive support from a staff of more than 300 specialists for case management,
Sources: FastTrack, American Claims Management, Policygenius