New NAVRISK VISION Predictive Analytics
WAKEFIELD, Mass., May 31, 2018
DAVID Corporation, a California-based insurance software company, announces the new NAVRISK VISION Predictive Analytics & Risk Scoring technology built into the new claims release. Current clients may begin scheduling now for installation, and new clients can expect availability in October 2018.
The new program allows for scoring individual claims using client-specific data with multivariate factors and algorithms. These combined technologies make claim specific recommendations and show score reason logic to improve predictive analysis of claims reserves for open claims and route claims to adjusters or supervisors based on profile and workload balance. “The result is a more balanced workload and reserve profile across the organization,” said Michael Hamann, Vice President of Development.
The system can also take into account multiple categories to build adjuster profiles. The profiles can determine who is best suited to handle an inbound claim. Managers can override these features, but the automation represents a massive shift in the caliber of intelligence built into the system. By example, the solution can look at prior success, job experience, and education and more to determine which adjuster is most competent to handle a high-risk claim. The first stage of the Predictive Analytics scores the claim, the next stage matches the most skilled adjuster with the best fit.
“A lot of new capabilities have opened up with multivariate factor weighting being leveraged within the NAVRISK VISION database. We think these new enhancements are a game-changer for organizations looking to improve outcomes and better control the total cost of risk. DAVID Corporation is driven to provide the most AI, and Predictive Analytics has to offer our clients, and we have built our software in-house to leverage the NAVRISK VISION platform as the total solution for risk, claims and policy data,” said Mark E. Dorn, President & CEO.
About DAVID Corporation
DAVID Corporation specializes in risk, claims, and policy management solutions for the alternative risk market. We serve brokers, insurance carriers, risk pools, third party administrators (TPAs), self-insured companies and other organizations managing property and casualty risk. For more than three decades, we have helped organizations run their operations more efficiently and better manage their total cost of risk outcomes.
NAVRISK VISION Suite is a cloud-based risk, claim and policy management solution that leading insurance professionals use to reduce costs, improve productivity, and meet compliance requirements, by leveraging a powerful risk performance optimization platform.