Platform integration improves risk management with disability claim analysis to improve claim outcomes.
Portland, ME, February 25th, 2020 – ClaimVantage, an international provider of life, health, and absence management solutions, is delighted to announce its partnership with The Claim Lab, an industry-leading platform incorporating innovative analytical and predictive modeling techniques to improve disability claim outcomes.
The integration between the ClaimVantage Claims solution and The Claim Lab platform provides claim professionals with additional risk management capabilities. The information gathered at intake is scored based on several factors, with the claim score automatically generating before returning to the claim file, creating next-step actions for claim professionals to take. Psychosocial assessments are also available to refine ongoing claims management.
“The Claim Lab is a market leader in their space, working with global insurance companies to improve their approach to strategic risk management,” said ClaimVantage CEO, Leo Corcoran. “Improving claim segmentation with data-driven insights is a key element of many of our insurance customer’s growth strategy, and we are pleased that we can support them in providing this key differentiator in the claims market.”
In fact, enhancing risk information systems and technology infrastructure was a high priority for 68% of respondents in the 11th edition of Deloitte’s Global Risk Management Survey, proving the demand for improved risk management is increasing. The real-time integration between these two platforms allows claim professionals to assess scores for auto-adjudication opportunities and produces more accurate claim assignments, improving productivity and efficiency of claim management.
The self-service workflow configuration of the claims platform allows each business to apply specific processes around automation opportunities. This allows businesses to automate as much or as little as they like.
“Our approach is to allow claim managers to focus on the claims that need to be managed, and consider auto-adjudicating lower risk claims, where the claimant is likely to return to work,” said The Claim Lab Executive Director, Ian Bridgman. “Providing ClaimVantage customers with that insight directly within their claim management solution is a big move in the right direction, towards better claim outcomes.”
After the success of the ClaimVantage Leadership Forum in October 2019, the team launched the Leadership Forum: 2020 Tour — in sync with their latest software release — to touch base with customers and prospects globally, including Sydney, Australia and three locations across the US. This week, Bridgman will join the ClaimVantage team on the Leadership Tour in Hartford and Fort Lauderdale to demonstrate the benefits of this integration to their client base.
If you would like to meet with the ClaimVantage team, get in touch with them at firstname.lastname@example.org.
ClaimVantage offers industry-leading life, health, and absence claim management software solutions for insurance carriers, Third-Party Administrators (TPAs), and large employers. ClaimVantage provides cloud-based, automated claims processing solutions that drive efficiency, accuracy, and productivity, helping its customers to deliver superior customer service.
With its North American headquarters in Portland, Maine, and European headquarters in Dublin, Ireland, ClaimVantage also has teams in EMEA and APAC.
For more information about ClaimVantage, visit claimvantage.com.
About The Claim Lab
The Claim Lab is a leading authority on data analytics for the disability insurance industry, providing predictive models, advanced analytic methods, and tools to collect information driving claim durations.
In addition, The Claim Lab has developed ground-breaking techniques to understand psychosocial influencers on claim duration, such as mental health, motivation and claimant self-efficacy.
Based just outside Boston, MA, The Claim Lab supports our forward-thinking clients in the US, Canada, Australia, and Europe.