US insurance software company DAVID Corporation is set to launch Version 3.0 of its outcomes-driven solution NAVRISK VISION on 31 October 2018.
Existing customers will be the first to experience the new system; new customers who sign in November will platform onto this latest release.
DAVID president and CEO Mark Dorn said: “The new NAVRISK VISION 3.0 Release fulfills our product roadmap for improving the productivity of internal client resources to achieve better strategic results. The new program helps users stay focused on the highest value risk and claim outcomes on a real-time basis. Our exclusive Risk Performance Optimization platform features early intervention capabilities for high-risk claims using predictive analytics.
“These insights are key for success in realizing lower average claim costs, shorter claim duration, and fraud identification.”
The release offers new optional programs that provide a built-in predictive analytics engine that analyzes a customer’s claims database, identifying high-risk claims and working through a smart scoring algorithm to determine the claims severity.
The claims score pairs to a comprehensive adjuster profile for better matching of claim severity to adjuster experience and expertise and balance workload by total score rather than bulk number of claims per person.
This relevant, productivity functionality couples with dynamic reserving. The new release technology leverages key claim characteristic, including loss type, litigation status, and injury detail to predict a claim settlement costs.
DAVID development vice president Michael Hamann said: “The result of employing predictive analytics is a more balanced workload and reserve profile across the organization, leading to productivity and loss savings for clients.”
Other significant upgrades in NRV 3.0 include enhanced Analytics with improved, visually engaging dashboards. These now reflect the claims scoring, KPI’s and signaling of requests that need extra or special attention. Reports now compare actual reserve vs. predicted reserve in real-time.
For additional insights, measures, and cross-comparison with aggregate third part or public data, NRV 3.0 integrates with optionally licensed IBM Watson software, for enhanced data analysis and visualization.
Significant new search on disability guidelines are part of the new system. Outlook users will have the ability to push content and attachments from the email into the claim record. From the claim record, users can download a .zip file of all associated documents and attachments, for easier file management and archiving.
Source: Company Press Release